Anchorage Digital Holds Strategy’s STRC Preferred Stock Signals Long-Term Bitcoin Conviction
On February 25, 2026, Anchorage Digital CEO Nathan McCauley disclosed on X that the company holds Strategy’s perpetual preferred stock STRC on its balance sheet. The announcement underscores a deepening partnership between one of the largest regulated crypto custodians and the world’s leading Bitcoin treasury company.
McCauley framed the position as a strong vote of confidence:
“When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy … that’s a signal.”
Strategy (formerly MicroStrategy) currently holds 717,722 BTC valued at approximately $46.8 billion (as of February 25, 2026). Proceeds from STRC issuances have historically been used to fund additional Bitcoin purchases, making the security a high-yield proxy for Strategy’s BTC exposure.
Vice Chair for Supervision Michelle W. Bowman stated:
“We have heard troubling cases of debanking — where supervisors use concerns about reputation risk to pressure financial institutions to debank customers because of their political views, religious beliefs, or involvement in disfavored but lawful businesses. Such discrimination does not have a role in the Federal Reserve’s supervisory framework.”
STRC: Short-Duration, High-Yield Bitcoin Exposure
STRC is a Nasdaq-listed perpetual preferred security offering an 11.25% annual dividend, paid monthly in cash. It was designed as a “short-duration, high-yield” instrument for income-focused investors seeking indirect exposure to Strategy’s Bitcoin treasury without direct crypto volatility.
Anchorage declined to disclose the size of its STRC position or the timing of acquisition. However, the disclosure follows Strategy revealing that Prevalon Energy (a Mitsubishi Power Americas subsidiary) also holds STRC, suggesting growing institutional acceptance.
Context: Tether’s $100M Investment in Anchorage
The STRC holding comes shortly after Anchorage received a $100 million equity investment from Tether in January 2026, valuing the firm at $4.2 billion. Anchorage serves as the issuer of Tether’s U.S.-focused stablecoin USAT and provides regulated infrastructure for stablecoin operations.
Bloomberg reported in January 2026 that Anchorage is preparing to raise $200–400 million ahead of a potential IPO targeted for 2027.
Market Implications
The move reinforces Anchorage’s long-term conviction in Bitcoin as a treasury asset and aligns the firm with Strategy’s aggressive BTC accumulation model. Michael Saylor reposted McCauley’s message with the comment: “Conviction is contagious.”
This disclosure may encourage other regulated custodians and institutions to consider STRC as a yield-generating Bitcoin proxy.
