Strive CEO Matt Cole said the firm’s digital credit products, STRC and SATA, outperformed Bitcoin during its recent 50% drawdown, offering a stable alternative as crypto markets face thinning liquidity.
“STRC & SATA are extremely credit-worthy instruments,” Cole said at the Bitcoin 2026 Conference, highlighting their performance as Bitcoin fell from a peak near $126,000 in October 2025 to roughly $60,000.
Strategy’s STRC, a variable-rate perpetual preferred stock, currently yields around 11.5 percent, while Strive’s SATA pays a 12.75 percent dividend following a recent 25-basis-point hike. Both products are designed to trade near par and held that level through the sell-off, while Bitcoin-linked equities like Strategy and BitMine fell sharply.
Cole’s comments draw a sharp contrast between direct crypto asset volatility and yield-bearing credit, a distinction recently highlighted by the Czech Central Bank, which called Bitcoin “too risky” for reserves despite its potential for high returns. Governor Aleš Michl noted the asset’s price could go to zero, a risk that yield-bearing instruments seek to mitigate.
The stability test for these new digital credit vehicles arrived early. SATA has seen approximately $1.28 billion in cumulative volume since its November 2025 launch, according to company data. Strive backs the instrument with its own holdings of roughly 13,311 BTC and cash reserves, which it says covers nearly 19 years of dividend payments. This buffer is designed to keep SATA trading near its $100 par value even through periods of market stress.
The broader market context makes the discussion of stability particularly timely. Bitcoin trading volume has fallen below $8 billion, its lowest level since October 2023, according to data from Glassnode. Such low-liquidity environments can leave the market vulnerable to sharp price swings from large orders. This occurs as traders are positioned cautiously ahead of the Federal Reserve's upcoming interest rate decision, with many expecting macro factors to drive the market's next move more than crypto-native catalysts.
While Cole has previously framed digital credit as a multi-trillion-dollar opportunity, the asset class is still in its infancy. Its performance during a sustained crypto winter will be the ultimate test of whether yield-bearing Bitcoin instruments can mature into a mainstream allocation for credit investors.
This article is for informational purposes only and does not constitute investment advice.
