Anchorage Digital, the first federally chartered crypto bank in the United States, has taken a position in perpetual preferred shares issued by bitcoin treasury firm Strategy (MSTR), adding the instrument to its balance sheet.
The San Francisco-based institution disclosed Wednesday that it is holding Strategy’s yield-bearing preferred equity, further tightening links between two prominent institutional advocates of bitcoin.
Chief Executive Nathan McCauley framed the move as “conviction compounding,” arguing that institutional commitment to bitcoin increasingly manifests through capital allocation and financial structuring rather than rhetoric alone.
“Institutions don’t just talk about Bitcoin, they structure around it,” McCauley wrote on X, adding that when a company building bitcoin infrastructure deploys capital alongside the firm that pioneered the corporate bitcoin treasury model, it sends a strong market signal.
Strategy Executive Chairman Michael Saylor replied that “conviction is contagious,” hinting that additional institutions could soon follow Anchorage in purchasing the preferred shares.
The investment amounts to a vote of confidence in the bitcoin-treasury strategy popularized by Saylor and underscores strengthening alignment among bitcoin-focused institutions despite recent price volatility. Strategy remains the largest publicly traded corporate holder of bitcoin, with 717,722 BTC valued at roughly $46.64 billion at current prices.
The perpetual preferred security, known as Short Duration High Yield Credit (STRC), ranks senior to common stock such as MSTR and offers investors steady income without a maturity date.
Launched in mid-2025, STRC carries an 11.25% annual dividend, paid monthly in cash. The rate is adjusted periodically to help keep the shares trading near their $100 par value.
Anchorage Digital provides institutional crypto services including custody, trading, staking, and stablecoin infrastructure. The firm is also developing U.S.-compliant stablecoin settlement rails aimed at enabling faster cross-border asset transfers for global banking clients.
