Crypto firm with U.S. bank charter holds bitcoin holder Strategy's preferred stock

• Anchorage Digital, the first federally chartered U.S. crypto bank, disclosed that it holds perpetual preferred stock in bitcoin treasury firm Strategy to its balance sheet.
• The investment underscores institutional confidence in Michael Saylor's bitcoin treasury strategy and signals tightening ties among major bitcoin-focused firms despite market volatility.
• Strategy's Short Duration High Yield Credit (STRC) preferred shares, launched in mid-2025, pay an 11.25% annual dividend adjusted monthly to stay near a $100 par value and are backed by the firm's large bitcoin holdings.

Anchorage Digital, the first crypto firm to secure a U.S. banking charter, said Wednesday that its holding perpetual preferred stock in bitcoin treasury firm Strategy on its balance sheet.

Anchorage's CEO Nathan McCauley called it "conviction compounding."

"Institutions don’t just talk about Bitcoin, they structure around it. When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy…that's a signal," McCauley said on X.

Saylor responded by saying that "conviction is contagious," hinting at a possibility of other firms soon following Anchorage's lead in buying Strategy's yield-generating preferred stock.

Anchorage's investment is a capital vote for the bitcoin treasury playbook popularized by Michael Saylor's Strategy. The flex also highlights deepening ties among bitcoin's institutional faithful, even as prices wobble. Strategy is the world's largest publicly listed bitcoin holder, boasting a coin stash of 717,722 BTC, worth $46.64 million.

Strategy's perpetual preferred stock, Short Duration High Yield Credit (STRC), ranks senior to common shares like MSTR while offering investors steady yields without an expiration date.

Launched in mid-2025, STRC pays 11.25% annual dividends to holders. This is paid monthly in cash, with its rate adjusted each month to keep trading stable around the $100 par value.

San Francisco-based Anchorage Digital, the first federally chartered U.S. crypto bank offers custody, trading, staking, and stablecoin services to institutions. The firm is establishing U.S.-compliant stablecoin rails for international banks, offering faster movement of assets across borders.

• Tether’s market value has fallen for a second consecutive month, a rare contraction that echoes the post-Terra 2022 downturn and signals renewed stress in crypto markets.
• Analysts say shrinking stablecoin supply, combined with weak demand for U.S.-listed spot bitcoin ETFs, raises doubts about the durability of any recovery in bitcoin and broader digital assets.
• While USDC has rebounded from its January low to about $75 billion in market value, its growth has flattened this year, underscoring a broader stall across major stablecoins.

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