Anchorage Digital Holds Strategy’s STRC, Reinforcing Bitcoin’s Institutional Backbone

In a bold move that underscores deepening institutional confidence in Bitcoin’s long-term trajectory, Anchorage Digital—the first federally regulated crypto bank in the U.S.—has confirmed it holds Strategy’s STRC perpetual preferred stock on its balance sheet. The announcement, made by CEO Nathan McCauley on X, signals more than a routine portfolio allocation; it represents a strategic alignment between Bitcoin’s largest corporate treasury and the critical banking infrastructure that secures it.

“Conviction compounds,” McCauley wrote. “When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy… that’s a signal.”

This isn’t just another headline in the crypto echo chamber—it’s a tectonic shift in how traditional finance and digital assets intersect.

What Is STRC and Why Does It Matter?

STRC is not a typical equity investment. It’s a Nasdaq-listed perpetual preferred security engineered as a high-yield instrument, paying an 11.25% annual dividend in cash. By holding STRC, Anchorage gains significant yield while indirectly funding Strategy’s aggressive Bitcoin acquisition engine.

The mechanics are elegant: STRC issuances funnel capital directly into Strategy’s Bitcoin treasury, creating a flywheel effect. As of Monday, Strategy held 717,722 BTC, valued at approximately $47 billion—making it one of the largest corporate holders of the asset globally.

McCauley’s move is a masterstroke of institutional arbitrage: gain exposure to Bitcoin’s upside without direct spot volatility, while generating consistent cash flow to reinvest or cover operational costs.

The Bigger Picture: Institutional Conviction Amid Market Turbulence

The timing is critical. As ETF outflows and price retests rattle weaker hands, Anchorage’s disclosure stands as a beacon of conviction. This isn’t reactive trading—it’s a calculated, long-term bet on Bitcoin’s role in the global financial system.

Michael Saylor, Strategy’s executive chairman, responded to the news with a simple but powerful message: “Conviction is contagious.” That sentiment is spreading. Strategy recently revealed that Prevalon Energy, a subsidiary of Mitsubishi Power Americas, also holds STRC on its balance sheet.

This corporate adoption mirrors a growing public sector trend, as lawmakers in states like Missouri advance Bitcoin reserve bills to secure state funds against inflation. The flywheel is spinning faster: from corporate treasuries to regulated banks, Bitcoin’s institutional embrace is accelerating.

A Divergence in Corporate Bitcoin Strategies

Anchorage’s move highlights a sharp split in corporate behavior regarding crypto assets. While some operational entities liquidate positions to cover costs—a major Bitcoin mining company just sold all its BTC—Anchorage and Strategy are doubling down on Bitcoin’s long-term prospects.

This divergence is critical. It’s not just about holding Bitcoin; it’s about structuring around it. Anchorage isn’t merely a custodian—it’s now a strategic participant in the Bitcoin economy, using complex derivatives to gain exposure while generating yield.

Furthermore, with overnight market liquidations defending the $60k level, these corporate treasury strategies will face their next major stress test. Until Anchorage discloses the size of the position, the market is treating this as a qualitative vote of confidence rather than a proven liquidity event.

The Strategic Implications

Anchorage’s STRC holding is more than a portfolio allocation—it’s a statement of intent. It signals that regulated, federally chartered institutions are now comfortable utilizing complex derivatives to gain exposure to crypto, bridging the gap between traditional finance and the digital asset economy.

This move also highlights the evolving role of custodians. No longer are they just safeguarding assets; they’re now active participants in the crypto economy, using their balance sheets to support and amplify the strategies of their clients.

The partnership between Anchorage and Strategy is a blueprint for the future: operational custody meets corporate treasury accumulation, creating a symbiotic relationship that strengthens the entire Bitcoin ecosystem.

Conclusion: A Signal, Not a Slogan

In a market often driven by hype and speculation, Anchorage’s disclosure is a rare signal of conviction. It’s a reminder that behind the volatility and the headlines, there’s a growing cohort of institutions that see Bitcoin not as a speculative asset, but as a foundational element of the future financial system.

As Nathan McCauley noted, “When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy… that’s a signal.” And in this case, the signal is clear: Bitcoin’s institutional backbone is getting stronger.

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Viral Phrases: Conviction compounds. 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. Conviction is contagious. Bitcoin for Corporations is STRC.

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