On Thursday, June 18, 2026, the digital credit market experienced its most turbulent day ever as preferred equity offerings from major Bitcoin firms plummeted, according to Strive CEO Matt Cole. Strive’s SATA and Strategy’s STRC fell dramatically from their intended $100 par values, closing at $97.71 and $88.59. Cole explicitly blamed the sell-off on a leverage unwind, defending the core credit quality.

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He posted on X that “What happened today was a leverage liquidation event, not a deterioration in underlying credit quality.” Consequently, investors who borrowed against these assets were forced to sell, exacerbating the decline. Trading volumes surged to $153 million for SATA and a massive $941 million for STRC, according to data from Strive’s Chief Risk Officer Jeff Walton.

Walton suggested the outsized volume pointed to a leverage flush, noting the instruments absorbed the flow and found bids. Meanwhile, analysts cited uncertainty around Strategy’s dividend payment plans as causing “continued weakness” in STRC. This skepticism follows Strategy’s recent sale of 32 BTC for $2.5 million to bolster cash reserves.

Despite the firm’s relentless messaging about its ability to pay, its common shares continued to underperform. Strategy (MSTR) fell 3.46% to $112.53, extending its monthly loss beyond 32%. Strive (ASST) shares also dropped 3.8% to $14.85.

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