Anchorage Digital discloses holding in Strategy’s STRC, signals long-term conviction

Crypto bank Anchorage Digital announced today that it holds Strategy's perpetual preferred stock STRC on its balance sheet.

The disclosure came in a post on X by Nathan McCauley, the company's co-founder and CEO, who highlighted the strategic alignment between Anchorage and Strategy, the world's largest digital asset treasury company.

"When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy … that's a signal," McCauley said in the post.

Anchorage declined to disclose the size of its STRC holdings or when the position was acquired.

According to Strategy's official website, STRC is a Nasdaq-listed perpetual preferred security designed as a "short-duration, high-yield" instrument. It currently pays an 11.25% annual dividend, payable monthly in cash.

Proceeds from STRC issuances have historically funded Strategy's bitcoin purchases, positioning the stock as a way for income-focused investors to gain indirect exposure to the company's bitcoin treasury strategy while receiving regular distributions. As of Monday, Strategy held 717,722 BTC, worth $46.8 billion at current prices.

Conviction in Strategy

McCauley stated in his X post that institutional players are now structuring their balance sheets around bitcoin, and emphasized Anchorage's plan to "build the future of BTC" with Strategy. Michael Saylor, executive chairman of the bitcoin treasury firm, reposted McCauley's message, commenting: "Conviction is contagious."

The disclosure follows Anchorage Digital's recent $100 million equity investment from Tether, announced earlier this month. 

The investment, which valued Anchorage at $4.2 billion, deepened the existing partnership between the two companies. Anchorage Digital Bank serves as the issuer of Tether's U.S.-focused stablecoin USAT and provides regulated infrastructure for stablecoin operations. 

Earlier in January, Bloomberg reported that Anchorage is looking to raise between $200 million and $400 million ahead of a potential initial public offering targeted for "next year."