Leverage Liquidations Trigger Worst Day Ever for Bitcoin Preferred Stocks STRC and SATA

Strategy's STRC and Strive's SATA preferred shares suffered their worst day ever as leveraged positions were unwound, falling well below their $100 par values before recovering.

• STRC fell as low as $82.53 and closed at $88.59, while SATA dipped to $92.88 before recovering.
• Strive CEO Matt Cole called it 'the most difficult day in the history of digital credit' and blamed a leverage liquidation event.
• STRC saw $941 million in trading volume and SATA saw $153 million, far above normal levels.
• Both instruments are designed to trade near $100 par value but have been under pressure from dividend uncertainty.
• Strive is conducting a 'deeper postmortem analysis' to identify where leverage was concentrated.

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