Anchorage Digital has acquired perpetual preferred shares from bitcoin treasury firm Strategy, a move underscoring institutional confidence in Michael Saylor's Bitcoin-centric treasury strategy. This acquisition by the federally chartered U.S. crypto bank represents a significant endorsement of accumulating Bitcoin as a primary reserve asset.
Anchorage CEO Nathan McCauley described the purchase as "conviction compounding," suggesting a shift towards institutions structuring capital strategies around Bitcoin. Strategy Chairman Michael Saylor affirmed this sentiment, noting that conviction spreads quickly across aligned firms and hinting at potential follow-on investments from other institutions.
Strategy, the world's largest publicly listed Bitcoin holder with over 717,000 BTC, offers its Short Duration High Yield Credit (STRC) perpetual preferred stock. These shares provide an 11.25% annual dividend, paid monthly in cash, and rank senior to common equity. By investing in STRC, Anchorage gains exposure to Strategy’s Bitcoin-backed credit structure while diversifying its own balance sheet.
San Francisco-based Anchorage Digital, the first federally chartered U.S. crypto bank, offers custody, trading, and staking services. This investment aligns with its strategy of promoting Bitcoin-native financial infrastructure and reflects a broader trend of institutions exploring structured products that combine yield with digital asset exposure, moving beyond direct spot Bitcoin purchases.