Anchorage Digital Buys Strategy STRC as Bitcoin Bet Deepens

Anchorage Digital has added Strategy’s STRC preferred stock to its balance sheet, signaling stronger institutional alignment around Bitcoin.

Key Takeaways

• Anchorage Digital disclosed it holds Strategy’s STRC perpetual preferred stock on its balance sheet.
• STRC pays an 11.25 percent annual dividend, distributed monthly in cash.
• Strategy remains the largest public holder of Bitcoin, with 717,722 BTC worth about 46.8 billion dollars.
• The move comes as Strategy becomes one of Wall Street’s most shorted large cap stocks.

What Happened?

Anchorage Digital announced that it has purchased STRC, the Nasdaq listed perpetual preferred security issued by Strategy. The crypto bank did not disclose the size or timing of the position.

CEO Nathan McCauley described the move as a signal of institutional conviction in Bitcoin infrastructure and treasury adoption, while Strategy’s executive chairman Michael Saylor responded publicly in support.

Anchorage Aligns With Strategy’s Bitcoin Treasury Model

San Francisco based Anchorage Digital, the first federally chartered US crypto bank, confirmed that it holds Strategy’s STRC preferred shares on its balance sheet. The announcement was made by co founder and CEO Nathan McCauley in a post on X.

“Conviction compounds. Institutions don’t just talk about Bitcoin, they structure around it,” McCauley wrote. He added, “When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy…that’s a signal.”

Anchorage declined to reveal how much STRC it purchased or when the investment was made.

STRC, known as Short Duration High Yield Credit, is a perpetual preferred security that ranks senior to common stock such as MSTR. According to Strategy’s official website, it is designed as a short duration, high yield instrument. It pays an 11.25 percent annual dividend, distributed monthly in cash, with adjustments intended to help stabilize trading near its 100 dollar par value.

Capital raised through STRC issuances has historically funded Strategy’s ongoing Bitcoin purchases. The structure allows income focused investors to gain indirect exposure to Strategy’s Bitcoin treasury strategy while receiving regular cash distributions.

Strategy Faces Rising Short Interest

Anchorage’s investment comes at a critical moment for Strategy. The company has recently climbed to the top of Goldman Sachs’ list of most shorted large cap US equities by short interest as a percentage of market capitalization. Just a year ago, it was not among the top 50.

Short selling involves borrowing shares and selling them in anticipation of buying them back at a lower price. If the stock rises, losses can escalate.

Strategy operates as a leveraged public equity proxy for Bitcoin. It issues securities and deploys the proceeds into BTC. This structure can amplify gains during Bitcoin rallies, but it can also intensify losses during downturns.

As of the latest disclosure, Strategy holds 717,722 Bitcoin, valued at roughly 46.8 billion dollars at current prices. The company acquired the coins at an average cost of about 76,020 dollars. With Bitcoin trading near 66,000 dollars, Strategy is sitting on an estimated 7 billion dollar unrealized loss.

Earlier this week, the company announced it had purchased an additional 592 BTC for 39.8 million dollars.

Founder Michael Saylor also recently stated that Strategy plans to convert roughly 6 billion dollars in convertible bond debt into equity. The move would reduce leverage by replacing debt obligations with newly issued shares, though it may dilute existing shareholders. Strategy said its Bitcoin treasury would still cover liabilities even in an extreme downturn scenario, estimating that Bitcoin would need to fall close to 8,000 dollars before holdings and debt reach parity.

Broader Institutional Momentum

Anchorage’s move reflects growing institutional alignment around Bitcoin focused balance sheet strategies. Strategy revealed in a separate post that Prevalon Energy, a company under Mitsubishi Power Americas, also holds STRC on its balance sheet.

Anchorage itself recently disclosed a 100 million dollar equity investment from Tether, valuing the firm at 4.2 billion dollars. Anchorage Digital Bank serves as the issuer of Tether’s US focused stablecoin USAT and provides regulated infrastructure for stablecoin operations.

CoinLaw’s Takeaway

In my experience, when federally chartered institutions start putting their own balance sheet capital into Bitcoin linked securities, it sends a stronger message than marketing ever could. I see Anchorage’s STRC purchase as more than just an investment. It feels like a calculated endorsement of the Bitcoin treasury model that Michael Saylor pioneered. Even as short sellers circle, institutional players appear willing to double down. That contrast tells me the Bitcoin story inside corporate America is far from over.

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