Anchorage Digital Adds Strategy’s Perpetual Preferred Stock to Its Balance Sheet as the Crypto‑Treasury Firm Becomes Wall Street’s Most‑Shorted Large‑Cap Equity
February 2026 – CoinDesk
Anchorage Digital, the regulated crypto‑bank that serves a growing roster of institutional clients, disclosed that it now holds shares of Strategy’s perpetual preferred security (ticker STRC) on its balance sheet. The announcement, made by Anchorage co‑founder and chief executive Nathan McCauley in a post on X, underscores a strategic alignment between two companies that have built their business models around Bitcoin infrastructure and corporate treasury adoption.
What the Purchase Means
- Capital Alignment – McCauley highlighted that the move reflects “conviction compounding” and that institutions are beginning to “structure around Bitcoin” rather than merely discuss it. By placing capital alongside the same firm that designs its Bitcoin‑treasury strategy, Anchorage signals confidence in Strategy’s long‑term approach.
- Size and Timing Unrevealed – Neither Anchorage nor Strategy disclosed the exact number of STRC shares purchased or the date of the transaction, leaving market participants to speculate on the materiality of the stake.
About Strategy’s STRC Security
Strategy, best known for its Bitcoin‑focused public‑company model, issues a Nasdaq‑listed perpetual preferred security that is marketed as a short‑duration, high‑yield instrument. The security carries an annual dividend of 11.25 %, paid out monthly in cash. Proceeds from the issuance have historically been used to fund the firm’s ongoing Bitcoin purchases, effectively turning the security into a leveraged proxy for exposure to the cryptocurrency.
Short‑Interest Surge
Goldman Sachs’ latest short‑interest ranking shows STRC as the most‑shorted large‑cap US equity, a dramatic shift from its absence from the top 50 just a year ago. The climb began in late 2025 as the security’s price weakened, a trend that started before the recent Bitcoin rally that peaked in October.
Short sellers borrow shares and sell them, hoping to repurchase at a lower price. If the price climbs instead, their losses can increase quickly. In the case of STRC, the security’s price is tightly linked to Bitcoin’s movements, amplifying both upside and downside risks.
Strategy’s Bitcoin Holdings and Recent Activity
- Current Treasury – Strategy holds approximately 717,722 BTC, valued at roughly $46.7 billion at current market rates.
- Recent Purchase – On Monday the firm disclosed a fresh acquisition of 592 BTC for $39.8 million, at an average cost of about $76,020 per coin. With Bitcoin trading near $66,000, the treasury now carries an estimated $7 billion in unrealized losses.
- Debt‑to‑Equity Conversion – Founder Michael Saylor announced plans to convert roughly $6 billion of convertible bond debt into equity over the next three to six years. The conversion would replace repayment obligations with newly issued shares, lowering leverage but potentially diluting existing shareholders.
Saylor’s team maintains that the Bitcoin holdings would continue to cover the company’s liabilities even in a severe market downturn. Their analysis suggests Bitcoin would need to fall to around $8,000—a drop of about 88 %—before the treasury value and debt obligations would be equal.
Analysis
Anchorage’s stake in STRC could be interpreted as a vote of confidence from a leading crypto custodian at a time when sentiment in the broader market is mixed. The acquisition may provide a modest price floor for the security, which could force short sellers to reassess risk levels, especially if Bitcoin sustains a rally that pushes STRC price higher.
Conversely, the heavy short interest reflects skepticism about Strategy’s ability to sustain its high‑yield dividend and leverage structure amid Bitcoin volatility. The upcoming debt‑to‑equity conversion adds another variable: while it reduces balance‑sheet risk, the dilution effect could pressure the security’s price if the market perceives the move as a desperate attempt to shore up liquidity.
For institutional investors, Anchorage’s move highlights a growing appetite for hybrid instruments that combine traditional equity features (dividends, listed status) with exposure to digital assets. The development also suggests that custodians are increasingly willing to take direct equity positions in crypto‑focused firms, potentially blurring the line between service provider and investor.
Key Takeaways
- Anchorage Digital now owns STRC, signaling institutional backing for Strategy’s Bitcoin‑treasury model.
- STRC is currently the most‑shorted large‑cap US equity, according to Goldman Sachs, reflecting heightened bearish bets.
- The perpetual preferred security offers an 11.25 % annual dividend, funded by Bitcoin purchases that tie its performance closely to BTC price movements.
- Strategy’s treasury holds over 717,000 BTC, but recent price declines have created an estimated $7 billion unrealized loss.
- A planned $6 billion convertible‑bond-to‑equity conversion aims to reduce leverage but could dilute existing shareholders.
- If Bitcoin rallies, short sellers may face mounting losses, while the security’s dividend yield could attract yield‑seeking investors.
- Anchorage’s involvement may provide additional credibility and price support for STRC, potentially mitigating some of the short‑interest pressure.
As the interplay between traditional finance instruments and digital‑asset strategies deepens, moves like Anchorage’s purchase of STRC will likely serve as bellwethers for broader institutional sentiment toward crypto‑linked equities.
Source: https://cointelegraph.com/news/anchorage-digital-holds-strategy-strc-most-shorted-stock?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
