Anchorage Digital Buys Strategy STRC as Stock Becomes Most-Shorted

Crypto bank Anchorage Digital adds to its Bitcoin-focused portfolio by purchasing Strategy's perpetual preferred security STRC.

Published on Feb. 25, 2026

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Anchorage Digital, a crypto bank, has disclosed that it now holds Strategy's perpetual preferred security STRC on its balance sheet. This purchase comes at a time when Strategy, a Bitcoin treasury company founded by Michael Saylor, has become the most-shorted large-cap stock on Wall Street. The move signals alignment between the two Bitcoin-focused companies as Anchorage supports Strategy's corporate treasury strategy.

Why it matters

This purchase by Anchorage Digital provides an institutional backer for Strategy's Bitcoin treasury strategy at a time when the company's stock is facing significant short-selling pressure. The growing short interest in Strategy highlights Wall Street's skepticism towards the company's leveraged approach to Bitcoin exposure, which can amplify both gains and losses.

The details

Anchorage co-founder and CEO Nathan McCauley stated that the purchase shows alignment between the two companies built around Bitcoin infrastructure and corporate treasury adoption. Strategy's STRC is a Nasdaq-listed perpetual preferred security that pays an 11.25% annual dividend, with the capital raised used to finance the firm's continued Bitcoin accumulation. Anchorage did not disclose the size or timing of its STRC position. Meanwhile, Strategy has become the most-shorted large-cap US equity, with short interest as a percentage of market capitalization surging in the past year as the company's share price has weakened.

  • In late 2025, Strategy began rising on the list of most-shorted large-cap stocks, even before Bitcoin peaked in October.
  • On Monday, Strategy announced another Bitcoin purchase, acquiring 592 BTC for $39.8 million.

The players

Anchorage Digital

A crypto bank that has now added Strategy's perpetual preferred security STRC to its balance sheet, providing institutional support for Strategy's Bitcoin treasury strategy.

Strategy

A Bitcoin treasury company founded by Michael Saylor that has become the most-shorted large-cap stock on Wall Street as its leveraged approach to Bitcoin exposure faces skepticism.

Nathan McCauley

The co-founder and CEO of Anchorage Digital, who stated that the STRC purchase signals alignment between the two Bitcoin-focused companies.

Michael Saylor

The founder of Strategy, a Bitcoin treasury company that has faced growing short-selling pressure on its stock.

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What they’re saying

“Conviction compounds. Institutions don't just talk about Bitcoin, they structure around it.”

— Nathan McCauley, Co-founder and CEO, Anchorage Digital (X)

“When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy...that's a signal.”

— Nathan McCauley, Co-founder and CEO, Anchorage Digital (X)

What’s next

Strategy plans to convert roughly $6 billion in convertible bond debt into equity, replacing repayment obligations with newly issued shares. This move would lower the company's leverage and turn bondholders into shareholders, though it could dilute existing investors.

The takeaway

Anchorage Digital's purchase of Strategy's STRC perpetual preferred security signals growing institutional support for Bitcoin-focused companies, even as Strategy's leveraged approach faces skepticism from Wall Street short-sellers. The evolving capital structure of Strategy highlights the challenges and opportunities in the rapidly evolving Bitcoin ecosystem.