Strive's STRC markdown widens Bitcoin treasury credit concerns

For crypto investors, the latest signal is not Bitcoin's price alone. It is how pressure on one Bitcoin treasury funding product is starting to show up on another company's books.

Strive disclosed that it held 505,000 shares of Strategy's STRC preferred stock on both June 18 and June 26, but the fair value of that position fell from $44.738 million to $37.658 million. That is a $7.08 million markdown in eight days with no change in share count, implying a drop from about $88.59 to $74.57 per share. Strive still reported 19,864 BTC and $141.7 million in cash and equivalents as of June 26.

The disclosure does not show insolvency or forced selling. It does show that discounts in a Bitcoin treasury preferred can affect another Bitcoin treasury company before any formal breakdown. That matters because it gives investors a direct way to track whether stress is contained to Strategy or spreading across the preferred-stock model.

Strategy's own June 29 filing added to that shift. The company set a digital credit framework built around a $2.55 billion USD reserve, a 12% STRC dividend rate, repurchase authorizations, and a BTC monetization program of up to $1.25 billion. Together, those tools point to active credit management, with the market now watching whether support measures calm discounts or deepen concern.