Anchorage Digital disclosed it holds Strategy’s perpetual preferred stock STRC on its balance sheet. The move ties a federally chartered crypto bank directly to the capital structure funding the world’s largest bitcoin treasury.
The disclosure came from co-founder and CEO Nathan McCauley in a post on X. Anchorage declined to specify the size or timing of the STRC position, but framed it as strategic alignment with Strategy’s bitcoin accumulation model. Strategy currently holds 717,722 BTC valued at $46.8 billion, according to the company’s website.
Conviction compounds.
— Nathan McCauley ⚓ (@nathanmccauley) February 25, 2026
Institutions don’t just talk about Bitcoin, they structure around it.
Today, @Anchorage Digital has announced it holds $STRC, @Strategy’s perpetual preferred stock, on our balance sheet.
When the company that operationalizes Bitcoin infrastructure puts…
Why Are Institutions Holding STRC Instead Of Bitcoin?
STRC is a Nasdaq-listed perpetual preferred security marketed as a short-duration, high-yield instrument paying an 11.25% annual dividend in monthly cash distributions, per Strategy. Proceeds from past issuances have funded bitcoin purchases, offering income-focused investors indirect exposure to the firm’s treasury strategy. For institutions constrained by mandate or risk policy, preferred equity may be operationally simpler than holding spot bitcoin.
But the structure concentrates exposure in Strategy’s balance sheet rather than the underlying asset. Data from Strategy shows its 717,722 BTC position dwarfs the treasuries of most corporate holders, reinforcing its role as a single-issuer proxy for bitcoin exposure.
“When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy … that’s a signal,” McCauley wrote on X. Michael Saylor, Strategy’s executive chairman, reposted the message, adding: “Conviction is contagious.” Strategy also disclosed that Prevalon Energy, a Mitsubishi Power Americas subsidiary, holds STRC on its balance sheet.
Bitcoin for Corporations is $STRC. @Anchorage Digital & Prevalon Energy announce LIVE at Bitcoin for Corporations they own $STRC on their balance sheets. "I see a 9 figure position in $STRC for our future" - Ben Hunnewell, CFO of Prevalon Energy. pic.twitter.com/hEgMTUe1lg
— Strategy (@Strategy) February 25, 2026
Still, Anchorage’s allocation comes as it strengthens capital ahead of a potential public listing. The firm recently secured a $100 million equity investment from Tether at a $4.2 billion valuation and, according to Bloomberg, is seeking $200 million to $400 million ahead of a possible initial public offering next year. Further STRC disclosures or IPO filings may clarify how deeply regulated crypto banks plan to embed bitcoin-linked securities into core capital structures.
