Anchorage Digital, the first crypto firm to obtain a federal U.S. banking charter, has disclosed a new balance sheet allocation to perpetual preferred shares issued by bitcoin treasury heavyweight Strategy (MSTR).
The San Francisco-based institution said Wednesday that it now holds Strategy’s yield-generating preferred equity, signaling a closer financial alignment between two prominent institutional players in the bitcoin ecosystem.
Chief Executive Nathan McCauley characterized the move as “conviction compounding,” underscoring that institutional engagement with bitcoin is increasingly being expressed through capital allocation rather than commentary alone.
“Institutions don’t just talk about Bitcoin, they structure around it,” McCauley wrote on X, adding that when a firm building bitcoin infrastructure deploys capital alongside the company that pioneered the corporate bitcoin treasury strategy, “that’s a signal.”
Strategy Executive Chairman Michael Saylor echoed the sentiment, replying that “conviction is contagious,” a remark that hinted other institutions could follow Anchorage in purchasing the preferred shares.
The investment amounts to a vote of confidence in the bitcoin treasury model that Saylor popularized. It also reflects strengthening ties among bitcoin-focused institutions despite recent price volatility. Strategy remains the largest publicly listed corporate holder of bitcoin, with 717,722 BTC valued at roughly $46.64 billion at current market prices.
The perpetual preferred instrument, branded Short Duration High Yield Credit (STRC), ranks senior to common equity such as MSTR shares and provides investors with ongoing income without a set maturity date.
Introduced in mid-2025, STRC offers an 11.25% annual dividend, distributed monthly in cash. The dividend rate is adjusted periodically to help maintain trading stability around its $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.
