Samson Mow says Strive’s SATA recovery could help Strategy’s STRC climb back to par A rebound in Strive’s SATA preferred shares has raised hopes that Strategy’s STRC could follow suit and return to its $100 par value, Jan3 CEO Samson Mow told Cointelegraph. What happened - SATA has climbed nearly 16% from its late‑June low of $83.30 and now trades around $97, roughly 3% below its $100 target, according to Yahoo Finance. That recovery has erased most of the June selloff. - STRC, meanwhile, remains about 13% below par. It closed at $86.89 on July 24 (rising to $87.14 in after‑hours trading) despite growing demand from major U.S. preferred‑stock ETFs. Why it matters Both SATA (issued by Strive) and STRC (issued by Strategy) are variable‑rate perpetual preferred shares designed to trade near a $100 par by adjusting dividend rates to nudge market prices. Issuers use the structure to raise recurring capital for buying Bitcoin without diluting common shareholders. Mow’s view Mow argues the SATA rebound reflects improving balance sheets and renewed investor confidence in Bitcoin‑backed preferred securities. “I think every action that Strategy has undertaken to strengthen their balance sheet and encourage STRC to go back to par is also working,” he said, adding that as SATA moves back toward par, STRC should follow because investors will see the model as “not broken.” He also noted companies are capitalized for “three or more years of dividend payments,” suggesting there was no need for the panic that drove the June selloff. Institutional demand and ETF flow STRC has already attracted institutional money: Strategy co‑founder Michael Saylor disclosed on July 24 that STRC is the largest holding in three large U.S. preferred ETFs—the iShares Preferred and Income Securities ETF (BlackRock), Virtus InfraCap U.S. Preferred Stock ETF, and VanEck Preferred Securities ex Financials ETF. Together, those funds hold about $756 million of STRC. Still, the security’s discount reduces how much capital Strategy can raise per share when issuing new preferred stock. Broader context Mow also pointed to evolving capital‑raising and treasury strategies across Bitcoin corporate treasuries. He cited Lyn Alden’s Orange Juice treasury firm, launched July 15, as an example of a different operating model with a lower initial Bitcoin acquisition cost. BitcoinTreasuries ranks Strategy as the largest corporate Bitcoin holder with 843,775 BTC; Strive holds 19,921 BTC, placing it seventh among public companies tracked. The practical impact The gap between SATA’s near‑par price and STRC’s sub‑par level has clear consequences. If Strategy continues to sell STRC at a steep discount (around $87), each issuance raises less capital for Bitcoin purchases, weakening the economics of that funding route even if ETF demand persists. Mow’s thesis is that SATA’s recovery could help narrow STRC’s discount by restoring investor faith in the variable‑rate preferred model—potentially reopening a more efficient capital channel for Strategy. Bottom line SATA’s comeback is an early sign that the variable‑rate preferred structure can stabilize after sharp swings. Whether STRC follows depends on investor confidence, ETF and institutional flows, and how issuers manage dividends and balance sheets in the months ahead. Read more AI-generated news on: undefined/news