Anchorage Digital Invests in Strategy's Bitcoin Stock

Crypto bank's backing of 11.25% yield perpetual preferred stock signals deepening institutional trust in Bitcoin treasury strategies.

Apr. 11, 2026 at 7:58pm by

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An extreme close-up of gears, levers, and other heavy industrial banking machinery, conceptually representing the growing ties between crypto institutions and the maturation of Bitcoin-based financial strategies.Anchorage Digital's investment in Strategy's Bitcoin treasury strategy signals a deepening institutional commitment to cryptocurrency infrastructure and yield-generating models.San Francisco Today

Anchorage Digital, the first federally chartered U.S. crypto bank, has disclosed that it now holds perpetual preferred stock in Strategy, a firm that manages a Bitcoin treasury strategy. The move signals a deepening institutional commitment to Bitcoin infrastructure and yield-generating strategies tied to the cryptocurrency.

Why it matters

The trend of notable institutions embracing Bitcoin treasury strategies could contribute to greater demand for Bitcoin-related securities and more stability in yield structures, even when spot prices fluctuate. However, this development also invites debate about valuation, risk management, and the long-term sustainability of yield-focused strategies in a volatile asset class.

The details

Anchorage Digital, based in San Francisco, is the first crypto firm in the U.S. to obtain a banking charter. The company disclosed on February 25, 2026, that it now holds perpetual preferred stock in Strategy, a firm that manages a Bitcoin treasury strategy. Strategy's perpetual preferred stock, called Short Duration High Yield Credit (STRC), offers an 11.25% annual dividend paid monthly in cash, with the rate adjusted to keep the price near its $100 par value.

  • Anchorage Digital disclosed its investment in Strategy's perpetual preferred stock on February 25, 2026.
  • Strategy's STRC perpetual preferred stock was launched in mid-2025.

The players

Anchorage Digital

A San Francisco-based crypto firm that is the first federally chartered U.S. crypto bank, providing custody, trading, staking, and stablecoin services to institutions.

Strategy

A firm that manages a Bitcoin treasury strategy and is the world's largest publicly listed Bitcoin holder, with approximately 717,722 BTC in its reserve.

Nathan McCauley

The CEO of Anchorage Digital.

Michael Saylor

The founder of Strategy.

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What they’re saying

“Conviction is contagious”

— Michael Saylor, Founder of Strategy

“Institutions don't merely talk about Bitcoin; they structure around it.”

— Nathan McCauley, CEO of Anchorage Digital

What’s next

As more firms embrace yield-generating Bitcoin strategies, investors will need to carefully evaluate the risks and performance trade-offs of perpetual preferred stock tied to cryptocurrency assets.

The takeaway

Anchorage Digital's investment in Strategy's Bitcoin treasury strategy signals a deepening institutional commitment to Bitcoin infrastructure and a push toward streamlined, cross-border stablecoin and settlement ecosystems, though the long-term sustainability of such yield-focused strategies in a volatile asset class remains to be seen.