Senate Majority Leader John Thune has ruled out passage of the CLARITY Act before the August recess, as Polymarket traders cut its chance of becoming law in 2026 to 33%.

Fortune reported on July 24 that Thune does not expect the Senate to approve the crypto market structure bill before lawmakers leave Washington, removing a deadline that industry supporters had viewed as critical to its passage this year.

Attention has now moved to the short period after the November midterm elections, when Congress will return with government funding measures, defense legislation and other unfinished business competing for floor time. Ron Hammond, head of policy and advocacy at Wintermute, told Fortune that the bill still has enough bipartisan support but has become caught in election-year disputes.

Hammond argued that political messaging, rather than an absence of Senate votes, has become the immediate problem. With Democrats preparing to campaign against President Donald Trump and alleged corruption, he expects some lawmakers to avoid supporting a major crypto bill before voters go to the polls.

“The votes are there, but the election politics are louder. The latter will dissipate after November and that’s a narrow but very possible window,” Hammond told Fortune.

Election politics has become the main obstacle

A dispute over Trump’s crypto businesses has complicated negotiations even after Republicans signaled that they would consider limits on digital asset activity by elected officials. Senate Democrats have demanded provisions preventing senior government figures from using public office to profit from crypto ventures.

Under the latest draft, ethics restrictions involving Trump and other federal officials would be enforced through the Department of Justice. Several Democratic lawmakers have rejected that approach because the department operates under the executive branch and, in their view, should not hold sole enforcement power over a sitting president.

Seven Senate Democrats have also opposed the updated text over ethics, consumer protection and enforcement concerns, according to a July 23 crypto.news report. Republicans hold 53 Senate seats and would need support from at least seven Democrats to reach the 60 votes usually required to advance the legislation.

Senate Minority Leader Chuck Schumer has encouraged Democrats to center their midterm message on allegations of corruption involving Trump, Fortune reported. Hammond believes that strategy could make Democratic senators less willing to hand the administration a legislative victory before November, even if they support federal crypto rules in principle.

Banking groups have added another source of resistance by opposing provisions that could allow rewards on stablecoin holdings. Those associations have warned that such products could pull customer deposits away from traditional banks, reducing funds available for lending.

According to Hammond, banks and other opponents used the extended negotiations to push the bill beyond an important deadline. Their campaign has kept disputes over stablecoin rewards, regulatory authority and ethics controls open while the remaining Senate calendar has continued to shrink.

Goldman Sachs CEO David Solomon, however, has separated his position from banking trade groups seeking tougher restrictions. As reported by crypto.news, Solomon was “very supportive” of advancing the legislation because it would establish a U.S. crypto market structure and give digital asset companies clearer operating rules.

While acknowledging that lawmakers could still debate parts of the proposal, Solomon argued that Congress should not abandon the entire framework because it remains imperfect. He believes the legislation could support market stability and place companies under more consistent rules, although he did not specifically endorse the disputed stablecoin reward language.

Passage odds have fallen to 33%

Crypto executives have continued pressing Congress to act despite the shrinking timetable. Ripple CEO Brad Garlinghouse backed comments from the company’s chief legal officer, Stuart Alderoty, who urged lawmakers not to abandon an achievable bill while searching for a perfect compromise.

Coinbase CEO Brian Armstrong has also argued that the bipartisan proposal is ready for Senate consideration after months of negotiations, according to crypto.news. Those appeals have not produced a scheduled vote, while Thune’s assessment indicates that the chamber will enter recess without resolving the remaining disputes.

Prediction-market traders have responded by cutting their expectations further. Polymarket now gives the CLARITY Act a 33% chance of becoming law in 2026, with more than $2.56 million wagered on the contract.

Polymarket’s chart shows that the odds climbed above 80% in late February before losing ground over the following months. The probability fell toward 30% in July as ethics disputes, banking opposition, and the approaching recess weakened confidence in passage.

Once lawmakers return after the elections, Hammond expects a narrow opportunity in which campaign pressure may ease enough to restart negotiations. Fortune reported that the effort would still compete with funding deadlines and defense legislation, leaving senators limited time to settle the remaining ethics, banking and enforcement disputes.

Strive’s variable-rate perpetual preferred shares, SATA, have rebounded sharply after hitting a June low of $83.30, rising to around $97 and recovering most of the selloff, according to Yahoo Finance data. The improvement has placed the shares within roughly 3% of their $100 par value.

The price recovery matters because SATA is part of a broader, fast-growing approach among Bitcoin-treasury companies: using preferred equity designed to trade close to par. The objective is to raise capital for a corporate Bitcoin (BTC) treasury without issuing more common stock, while dividends adjust to support the shares’ pricing.

Key takeaways

• SATA has climbed from a June low of $83.30 to roughly $97, putting it about 3% below its $100 par value, per Yahoo Finance.
• Strive introduced SATA in November 2025 to fund expansion of its Bitcoin treasury through preferred equity rather than additional common share issuance.
• Preferred-share “digital credit” strategies are increasingly being used by Bitcoin-treasury firms to structure financing around dividends that can adjust over time.
• Strategy’s STRC experienced a similar late-June decline but has partially recovered, trading around $87—still below par.

How SATA is structured and why it exists

Strive introduced SATA in November 2025 as part of its effort to finance expansion of its Bitcoin treasury through preferred equity. In Strive’s announcement about the Nasdaq listing and the related closing of an oversubscribed upsized IPO, the company described SATA as a variable-rate perpetual preferred designed to trade near $100 par by adjusting its dividend rate.

That structure is intended to offer investors a mechanism to “anchor” valuation around par without requiring Strive to repeatedly issue common shares. For the company, it creates a financing channel that is directly tied to the treasury-building thesis—supporting Bitcoin accumulation while attempting to manage the equity dilution burden that comes with selling additional common stock.

Strive’s approach also reflects a wider market trend. The article notes that SATA is one of several preferred-share products linked to Bitcoin treasury strategies, a segment some market participants describe as “digital credit.”

June selloff: SATA recovered, STRC remains below par

The key datapoint for traders is the swing back toward par. Yahoo Finance data shows SATA fell to $83.30 in June before recovering to about $97. While that still leaves room for improvement, the rebound suggests that the market is rewarding the shares’ par-focused design after periods of heightened stress.

Strive’s preferred structure sits within a peer set that includes Strategy’s STRC. Strategy’s preferred-like product was launched in 2025 with a similar objective—maintaining a $100 share price through a variable dividend. According to Yahoo Finance, STRC fell sharply during the late-June selloff as well, before recovering. However, STRC continues to trade below par at around $87.

As a practical matter, the divergence between SATA’s relative recovery and STRC’s remaining discount may shape near-term investor expectations for how quickly these instruments can reprice after market-wide pressure. It also highlights an important asymmetry: even when products share similar structural goals, their outcomes can differ based on investor sentiment, capital market conditions, and the companies’ execution over time.

Bitcoin treasury scale and the preferred-share thesis

Preferred-share strategies are ultimately tied to the broader credibility of the treasury-building plan. In that context, the article points to BitcoinTreasuries.NET for rankings of public Bitcoin treasury companies.

Strategy remains the largest public corporate Bitcoin holder, with 843,775 BTC, according to BitcoinTreasuries.NET. Strive, meanwhile, has risen to seventh place with 19,921 BTC. While Strive is smaller than Strategy by BTC holdings, the company’s positioning indicates it is still participating meaningfully in the treasury race.

This ranking dynamic matters for preferred shareholders because treasury scale can influence expectations about dividend sustainability and overall business resilience—especially in a market where equity instruments are often priced around confidence in both operations and long-term balance-sheet strength.

Samson Mow: preferred-share confidence is “restoring”

Samson Mow, founder and CEO of Jan3, told Cointelegraph that recent adjustments by Bitcoin treasury companies are beginning to restore confidence in preferred-share products and support his broader view that Bitcoin has already found its bottom.

In the same conversation, Mow pointed to actions by Strategy that encourage STRC to return to par. He said that SATA’s return toward par could reinforce market confidence in the overall model, adding that the products are capitalized for multiple years of dividend payments and that there was “no reason to panic” during the selloff.

Mow also connected the improved trajectory of preferred-share instruments to ongoing refinement across the Bitcoin treasury sector. In his view, newer entrants and alternative structures can further validate the approach—citing Lyn Alden’s Orange Juice treasury company, which launched on July 15 with plans to operate a Bitcoin treasury and an intention to use a different approach, including a lower Bitcoin cost basis.

What to watch from an investor’s perspective is whether these dynamics translate into sustained repricing toward par across the peer set. SATA’s movement back toward $100 is a signal, but the market will likely continue to judge each issuer based on how quickly its preferred instrument stabilizes and how resilient its dividend profile appears under changing conditions.

For traders and long-term investors, the next checkpoint is whether SATA’s recovery holds as other preferred-share offerings—particularly Strategy’s STRC—continue to find their footing. The broader unanswered question is how durable “near-par” performance remains across full market cycles, especially if Bitcoin volatility increases and treasury companies face new capital and balance-sheet decisions.

Robinhood Chain token launch platform Memecoin.Fun has raised $3.5 million in strategic funding as the network’s decentralized exchanges approach $9 billion in cumulative trading volume.

According to an official announcement from Memecoin.Fun, Becker Ventures led the financing, while BitValue Capital, Mason Labs, Negentropy Capital, and angel investor Billy Wen also participated. The platform completed the transaction through the USDG token, although the announcement did not disclose Memecoin.Fun’s valuation or the terms received by investors.

Strive’s SATA preferred shares have recovered nearly 16% from their June low to about $97, prompting Jan3 CEO Samson Mow to predict that the rebound could help Strategy’s STRC return to its $100 par value.

Yahoo Finance data show SATA has climbed from $83.30 and now trades within roughly 3% of the level it was designed to track. The recovery has erased most of the preferred stock’s late-June decline, while STRC remains about 13% below par despite receiving increased demand from major U.S. exchange-traded funds.

According to Mow, steps taken by Bitcoin treasury companies to improve their balance sheets and support their preferred shares have started rebuilding confidence in the products. He told Cointelegraph that SATA’s return toward $100 could reassure investors that the funding structure used by Strive and Strategy remains functional.

“I think every action that Strategy has undertaken to strengthen their balance sheet and encourage STRC to go back to par is also working.”

Mow expects the two securities to move together because investors are assessing whether Bitcoin-linked preferred shares can continue funding their dividends and hold close to their stated values.

“But everything sort of works in tandem. I think as SATA returns to par, you’re going to see STRC return to par too, because people say, ‘OK, this model’s not broken.’ Everyone is capitalized for three or more years of dividend payments… there was no reason to panic all along,” he added.

SATA’s recovery supports confidence in Bitcoin preferred shares

Strive introduced SATA in November 2025 to raise money for expanding its Bitcoin holdings without issuing more common stock. The variable-rate perpetual preferred shares use dividend adjustments to encourage trading around their $100 par value.

By changing the payout rate when needed, Strive can make SATA more or less attractive to investors as its market price moves. The company designed the structure to provide recurring access to capital while limiting dilution for common shareholders, according to its stated treasury strategy.

Strategy launched STRC in 2025 under a similar model. The preferred stock also uses a variable dividend to keep its price near $100, placing it in a category that Strategy calls “digital credit.”

During the late-June selloff, both products dropped well below their intended levels. SATA has since recovered to around $97, but Yahoo Finance data show STRC closed at $86.89 on July 24 after gaining 2.29% during the session. It later rose to $87.14 in after-hours trading.

Mow views the difference between their recoveries as temporary rather than evidence that STRC’s structure has failed. His forecast rests on investors treating SATA’s rebound as proof that preferred shares backed by Bitcoin treasury companies can recover after a sharp decline.

Alongside the price recovery, Mow pointed to companies refining how they raise capital and manage their Bitcoin holdings. He cited Lyn Alden’s Orange Juice treasury company, launched on July 15, as an example of a new entrant using a different operating model and starting with a lower 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 by the platform.

Those holdings create different levels of Bitcoin exposure, but both companies rely on capital-market products to support their treasury plans. For Strive, SATA offers a route to fresh funds without selling more common shares, while Strategy uses STRC and other securities to finance additional Bitcoin purchases.

ETF demand strengthens STRC despite its discount

Institutional demand has already placed STRC at the top of three large U.S. preferred stock ETFs, even though the security continues to trade well below par.

Michael Saylor, Strategy’s co-founder and executive chairman, disclosed on July 24 that STRC is now the largest holding in BlackRock’s iShares Preferred and Income Securities ETF, Virtus InfraCap’s U.S. Preferred Stock ETF and VanEck’s Preferred Securities ex Financials ETF.

According to figures shared by Saylor, the three funds collectively hold $756 million of STRC. Their portfolios also contain preferred shares issued by established U.S. companies, giving ETF investors indirect exposure to Strategy’s Bitcoin-linked security alongside traditional income products.

In his X post, Saylor presented the ETF positions as evidence that Strategy’s “digital credit” securities are entering institutional portfolios. The holdings show that asset managers have allocated substantial capital to STRC, although its July 24 closing price remained 13.11% below $100.

STRC’s discount matters to Strategy because the company sells the preferred shares to fund Bitcoin purchases. Strategy can issue stock near or above par and direct the proceeds into Bitcoin, but a large discount reduces the amount of capital it can raise from each newly issued share.

Selling more STRC while it trades around $87 would therefore produce less funding per share than an issuance completed near $100. The lower price could weaken the economics of using the security for Bitcoin accumulation, even if existing ETF demand continues.

Mow’s outlook links SATA’s recovery with a possible improvement in those conditions. If investors interpret Strive’s return toward par as evidence that variable-rate Bitcoin preferred shares can stabilize, his view suggests STRC could attract enough demand to narrow its discount and restore a more efficient funding channel for Strategy.

Strive’s SATA preferred shares have rebounded sharply after a late-June selloff, according to Yahoo Finance. The variable-rate perpetual preferred stock rose from a June low of $83.30 to roughly $97, recovering most of its declines and trading within about 3% of its $100 par value.

The rebound matters because SATA is part of a growing slate of Bitcoin-treasury-linked preferred-share products designed to keep their share price near par by dynamically adjusting dividend rates. For investors watching whether this “preferred equity for Bitcoin treasuries” model can hold up during market stress, the way SATA and peers respond to volatility may be the clearest near-term signal.

Key takeaways

• Yahoo Finance shows Strive’s SATA preferred shares recovered from a June low of $83.30 to around $97, nearing the $100 par value.
• SATA was introduced in November 2025 as Strive’s mechanism to fund expansion of its Bitcoin treasury through preferred equity rather than issuing more common shares.
• Similar products are emerging in the Bitcoin corporate sector; Strategy’s STRC launched in 2025 with a related “variable dividend near par” concept.
• Samson Mow argues that improvements across Bitcoin treasury balance sheets—and SATA’s return toward par—can help restore confidence in the broader preferred-share category.
• Data from BitcoinTreasuries.NET places Strive as the seventh-largest public Bitcoin treasury holder, with 19,921 BTC.

SATA’s move back toward par

Strive launched SATA in November 2025, framing it as a preferred-equity tool to support its Bitcoin treasury strategy. The company’s approach centers on a variable-rate perpetual preferred share: instead of relying on a fixed coupon, the dividend rate is designed to adjust so the security trades close to its $100 par value.

In practice, that structure gives the market a built-in adjustment lever during changing conditions. When investors re-price the expected dividend stream—whether due to interest-rate moves, crypto sentiment, or company balance-sheet expectations—SATA’s performance can reflect how well the variable dividend mechanism is restoring equilibrium.

After falling to $83.30 in June, the stock’s subsequent recovery to around $97 suggests sellers have largely faded and that the market may be recalibrating its view of the product’s stability.

Why preferred equity is gaining attention in Bitcoin treasuries

SATA is not an isolated concept. The same general idea—linking corporate capital-raising to Bitcoin treasury objectives while using preferred equity to manage dilution—has become a recognizable segment among companies that describe such structures as “digital credit,” an emerging framing that Cointelegraph has discussed previously in connection with Bitcoin-focused financing products.

Strive’s stated goal is straightforward: raise capital for its Bitcoin treasury without issuing additional common shares. For public equity holders, that can be a significant difference. Common-stock issuance can be dilutive in the near term, while preferred structures are often marketed as a way to finance growth while keeping the common share count stable.

That said, the market still has to price risk: preferred shares can be sensitive to how investors assess dividend durability, treasury management, and credit-like features tied to corporate performance. The question investors are effectively testing is whether the “variable dividend to par” design meaningfully limits downside during periods of broader risk-off sentiment.

Strategy’s STRC as a reference point

Strategy’s STRC provides a direct comparison point. Introduced in 2025 with a similar objective of maintaining a $100 share price through a variable dividend framework, STRC also fell sharply during the late-June selloff. However, it has not fully returned to par; Yahoo Finance shows STRC trading at about $87.

The divergence between SATA nearing par while STRC remains below it highlights an important reality: even products built on similar mechanics can experience different market trajectories depending on timing, investor expectations, and how quickly confidence returns.

Still, both examples appear to be rooted in the same investor promise—mechanical dividend adjustments supported by a treasury-focused balance sheet. If that promise continues to be validated, it could reduce the “model break” fear that emerges during drawdowns.

Market confidence and sector refinements

Speaking to Cointelegraph, Jan3 founder and CEO Samson Mow suggested that adjustments by Bitcoin treasury companies are starting to restore confidence in preferred-share products. He linked the broader improvement in this niche to ongoing efforts to strengthen balance sheets and encourage securities like STRC to move back toward par.

Mow’s core point was that market participants are looking for evidence that these structures can withstand volatility rather than requiring panic-driven repricing. In his view, when SATA returns to par, it could reinforce the argument that the overall model is functioning as intended—potentially supporting STRC’s path as well.

He also pointed to new entrants refining approaches to treasury management. As an example, Mow cited Lyn Alden’s Orange Juice treasury company, which launched on July 15 with plans to operate a Bitcoin treasury and with an explicit intent of running a lower Bitcoin cost basis through its own strategy.

For investors, the practical takeaway is not just that more products are appearing, but that the sector is iterating. The preferred-share idea is still young, and each cycle of stress tests can determine which variations earn durability in the eyes of the market.

Meanwhile, the underlying Bitcoin treasury competition remains a key backdrop. BitcoinTreasuries.NET data places Strive at seventh among public Bitcoin treasury companies, holding 19,921 BTC, while Strategy remains the largest with 843,775 BTC.

Going forward, traders and investors should watch whether SATA’s move near par translates into broader confidence for comparable products like STRC, and whether further treasury-linked preferred issuances continue to attract stable bids during risk-off periods. The durability of the variable-dividend-to-par mechanism—and investors’ belief in dividend resilience—will likely remain the central question.

• Ethena (ENA) is testing critical support at $0.085.
• A 290M ENA wallet transfer raised selling concerns.
• Bitcoin’s next move could determine ENA’s direction.

Ethena is back in focus after a large wallet transfer drew attention at a time when the token is already testing a crucial price level.

While the transfer sparked concerns about potential selling pressure, the broader market reaction has remained measured.

ENA tests key support as whale transfer attracts attention

Ethena was trading at $0.08695, down 2.4% over the past 24 hours, after moving between $0.08530 and $0.09125 during the session.

Although the daily decline has put pressure on the token, ENA is still up 8.3% over the past seven days and 11.1% over the last two weeks, showing that it has recovered part of the losses recorded earlier this year.

The latest market attention came after a wallet linked to Ethena’s Coinbase custody holdings transferred approximately 290 million ENA, valued at about $26.4 million, to another wallet that has previously interacted with cryptocurrency exchanges.

Today, Ethena’s Coinbase custody wallet (0x631) transferred 290m $ENA, worth $26.41m, to the personal wallet 0xfDD.

Based on its transaction history, wallet 0xfDD typically transfers ENA to personal wallets, which are then used to sell the tokens on Binance and Coinbase.… https://t.co/CkCGU73kLv pic.twitter.com/jkB8dFUNEG

— Nazoku (@Nazo_ku) July 23, 2026

Transactions of this size often raise concerns because they can precede exchange deposits and increased selling activity.

However, the transfer alone did not trigger an immediate wave of selling.

Market data showed that exchange netflows remained negative, meaning more ENA continued leaving exchanges than entering them. That suggests the transaction has not yet translated into confirmed selling pressure in the spot market.

The transfer has therefore become an important signal for traders rather than confirmation of a bearish trend.

Focus is now on whether additional transfers to centralised exchanges follow in the coming sessions.

Falling trading volume points to weak selling conviction

Another notable development is the decline in trading activity.

ENA recorded approximately $89.4 million in 24-hour trading volume, while recent market data showed that daily trading activity had dropped by more than 40% compared with previous sessions.

Lower trading volume during a price decline often indicates that sellers are becoming less aggressive rather than accelerating their positions.

While this does not guarantee a reversal, it also means the recent weakness has not been accompanied by unusually strong conviction from the market.

The token’s historical price action also provides additional context.

ENA reached an all-time high of $1.52 in April 2024 but currently trades about 94.3% below that level.

At the same time, it remains roughly 23.4% above its all-time low of $0.07023, recorded on June 30, 2026.

These figures highlight that ENA continues to trade much closer to its recent lows than its previous peak, making current support levels particularly significant for short-term price direction.

$0.085 remains the level traders are watching

From a technical perspective, $0.085 has emerged as the most important near-term support level.

A sustained move below this area, especially if accompanied by rising trading volume, would increase the likelihood of a decline toward the next major support around $0.080.

On the upside, resistance is beginning to form between $0.093 and $0.096.

Price data also shows a concentration of short liquidation levels just above $0.093, meaning a successful breakout through that region could trigger additional buying as short positions are forced to close.

For now, ENA remains caught between these two key technical zones, leaving traders focused on confirmation rather than anticipation.

Bitcoin’s next move could shape ENA’s direction

Beyond token-specific developments, Bitcoin continues to play an important role in ENA’s short-term outlook.

Market participants are watching whether Bitcoin can remain above $64,000, as broader weakness in the largest cryptocurrency has weighed on sentiment across the digital asset market.

If Bitcoin stabilises, buying interest could return to several altcoins, including ENA.

Conversely, continued weakness in Bitcoin would increase pressure on support levels that are already being tested.

That makes Bitcoin’s price movements an important external factor alongside the developments surrounding the large ENA wallet transfer.

Ethena also continues to maintain strong protocol activity, with approximately $3.992 billion in total value locked (TVL).

While TVL reflects ongoing capital committed to the protocol, traders are currently placing greater emphasis on price action, exchange flows, trading volume, and macro market conditions when assessing ENA’s next move.

For now, attention remains fixed on three developments: whether the $0.085 support can hold, whether the 290 million ENA wallet transfer eventually results in meaningful exchange deposits, and whether Bitcoin can provide enough market stability to support a broader recovery.