Strive disclosed a $7.08 million decline in the fair value of its Strategy preferred stock position over eight days in June. The drop occurred without any change in share count and highlighted broader pressure on Bitcoin treasury preferred securities. Strategy responded with a new capital management framework.
Strive, the seventh-largest public Bitcoin holder, reported holding 505,000 STRC shares on both June 18 and June 26. The position's fair value fell from $44.738 million to $37.658 million, moving the implied price per share from roughly $88.59 to $74.57.
Strategy filed its June 29 update outlining a Digital Credit Capital Framework that includes a $2.55 billion USD reserve policy, a raised STRC dividend rate of 12 percent, and authorizations for up to $1 billion in repurchases of its preferred securities and $1 billion in common stock. The filing also authorized a program to monetize up to $1.25 billion in Bitcoin holdings to support the reserve.
As of June 28, Strategy held 847,363 BTC purchased at an average price of $75,651. Bitcoin traded near $62,000 on July 8. Strive separately reported holding 19,864 BTC and cash equivalents of $141.7 million as of June 26.
