Two new financial instruments from Bitcoin treasury firms are testing investor demand. Strategy Inc.'s STRC is trading around $85, a significant discount to its $100 par value. Strive Inc.'s SATA is near par at approximately $98.
These are perpetual preferred stocks with no maturity date. They rank above common equity in claims but are not directly collateralized by Bitcoin. STRC pays a variable dividend yield of 11.5% to 12%, while SATA offers 13% annually.
Both securities faced pressure in June 2026. Falling Bitcoin prices and leverage unwinds pushed their prices down. A key difference emerged: Strive shifted SATA to daily dividend payments, contrasting with Strategy's bi-monthly schedule for STRC.
For investors, the calculus differs. The discounted STRC offers yield plus potential upside if it returns to par. SATA's near-par price provides a cleaner, direct yield comparison.