Anchorage Adds Strategy Preferred Shares to Treasury

• Anchorage Digital added Strategy’s perpetual preferred stock (STRC) to its balance sheet.
• The move signals institutional support for Michael Saylor’s Bitcoin treasury strategy.
• STRC offers an 11.25% annual dividend backed by Strategy’s large Bitcoin holdings.

Anchorage Digital has added perpetual preferred shares issued by bitcoin treasury firm Strategy to its balance sheet. The move marks a notable endorsement of Michael Saylor’s bitcoin-focused corporate strategy from the first federally chartered U.S. crypto bank.

Anchorage CEO Nathan McCauley described the purchase as “conviction compounding.” He suggested that institutions increasingly structure capital strategies around Bitcoin rather than merely discussing exposure.

Strategy Chairman Michael Saylor echoed that sentiment, stating that conviction spreads quickly across aligned firms. His comment hinted that other institutions could follow Anchorage in purchasing Strategy’s yield-generating preferred shares.

Institutional Backing for the Bitcoin Treasury Model

Strategy remains the world’s largest publicly listed bitcoin holder. The company holds more than 717,000 BTC on its balance sheet. Its corporate strategy centers on accumulating Bitcoin as a primary treasury reserve asset.

Anchorage’s purchase represents a capital vote of confidence in that approach. By investing in Strategy’s preferred equity instead of buying Bitcoin directly, Anchorage gets access to structured yield while also aligning with a bitcoin balance sheet strategy.

The investment is also a sign of growing relationships between the key players in the institutional bitcoin market. Despite the fluctuations in crypto prices, players are still working together on a strategic level for a long-term Bitcoin positioning strategy.

STRC Preferred Shares Offer High Yield

Strategy launched its Short Duration High Yield Credit (STRC) perpetual preferred stock in mid-2025. The shares rank senior to common equity, such as MSTR, and provide investors with a steady income stream.

STRC pays an 11.25% annual dividend, distributed monthly in cash. The dividend rate adjusts periodically to help maintain trading stability near the $100 par value. The perpetual structure allows investors to collect yield without a maturity date.

By holding STRC, Anchorage secures exposure to Strategy’s bitcoin-backed credit structure while diversifying its own balance sheet assets.

Anchorage Expands Institutional Crypto Infrastructure

San Francisco-based Anchorage Digital operates as the first federally chartered U.S. crypto bank. The firm provides custody, trading, staking, and stablecoin services for institutional clients.

Anchorage has also worked on U.S.-compliant stablecoin rails to help international banks move assets more efficiently across borders. Its acquisition of STRC’s preferred shares is consistent with its overall strategy of promoting Bitcoin-native financial infrastructure.

This development also points to a growing trend in institutional crypto finance. Instead of focusing on spot Bitcoin purchases, institutions are now looking at structured products that offer a combination of yield and exposure to digital assets.

Anchorage’s choice to invest in Strategy’s preferred stock further cements the increasing complexity of Bitcoin treasury strategies. This development also points to the fact that regulated crypto banks view value in Bitcoin infrastructure services and strategic balance sheet investments.

Institutional players in the Bitcoin market continue to develop their models of capital allocation as the market evolves. This latest investment by Anchorage points to its confidence in Bitcoin-backed corporate finance even in times of market volatility.

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