Bitcoin’s corporate credit market, valued at more than $10 billion, has added new issuers after a June selloff that pushed preferred shares of two leading vehicles below their $100 par value. The market consists of preferred shares issued by companies such as Strategy and Strive, which carry a $100 stated value, pay fixed or variable dividends, and have no maturity date. Strategy’s STRC and Strive’s SATA are among the largest instruments in the market. Leverage used by investors to acquire these securities intensified during a period when Bitcoin’s price fell below $60,000, triggering margin calls and forced sales that drove STRC to about $75, roughly 25 % below par, and SATA to around $88. Despite the price declines, dividend payments continued and secondary‑market trading volumes reached record levels, with combined June volume for STRC and SATA exceeding $10 billion. Strategy increased STRC’s annual dividend to 12 % and established a $2.55 billion cash reserve to cover about 17 months of expected dividend and interest payments, while also authorizing share repurchases and limited Bitcoin sales. Neither STRC nor SATA issued new preferred shares in June; trading activity consisted of secondary transactions between investors. Corporate treasuries continued to purchase Bitcoin, with Strategy adding 3,625 BTC and Strive adding 3,364 BTC, each spending roughly $200 million, representing most of June’s corporate Bitcoin purchases. On July 10, Metaplanet announced a joint study with Siiibo Securities, the stablecoin issuer JPYC, and the security‑token platform Progmat to examine tokenized credit instruments in Japan that use Bitcoin as collateral. Metaplanet, which holds 43,000 BTC, said the initiative aims to reduce costs for smaller Japanese firms by employing stablecoins for payments, security tokens for ownership recording, and Bitcoin as an asset backing. A survey by BitcoinTreasuries.net found that 78 % of respondents expect the digital credit market to grow through the end of 2027, with some projecting total outstanding supply above $50 billion and others above $100 billion. Seventy‑two percent of respondents reported having invested in the sector, and 87 % viewed digital credit favorably. About 76 % anticipated further sharp price declines. Industry participants remain optimistic about the long‑term potential of Bitcoin‑backed credit, noting the asset’s transparent price data enable precise risk assessment, but caution that leverage and liquidity can cause large deviations from par value.