
Anchorage Digital discloses stake in STRC perpetual preferred, backing bitcoin treasury strategy
Context and Chronology
Anchorage Digital announced it holds STRC, the perpetual preferred security linked to Strategy’s bitcoin accumulation, with the firm declining to quantify the stake. Nathan McCauley publicized the disclosure and framed the position as strategic alignment, not merely a passive trade; the announcement follows a period of balance‑sheet activity for Anchorage and an active market for issuance‑linked crypto securities. Because Anchorage did not specify size, market participants are now pricing directional demand into STRC rather than definitive flows, which amplifies short‑term liquidity and volatility risks.
Instrument, Yield and Issuance Mechanics
STRC is a Nasdaq‑listed perpetual preferred designed for short‑duration income profiles and (per current public reporting) pays an annual cash yield of 11.25% settled monthly; that yield profile attracts income‑seeking institutional allocators. Market commentary and recent filings indicate Strategy has at times adjusted preferred‑dividend mechanics to shore up demand and reopen ATM issuance channels after periods of weak trading, a dynamic that constrains how much new preferred stock the company can issue at any given time. Those funding frictions help explain why issuance proceeds—used in part to acquire bitcoin—can ebb and flow with secondary‑market appetite and the share‑and‑preferred pricing environment.
Scale, Reporting Variance and Treasury Dynamics
Strategy’s reported bitcoin reserve is large but reported figures vary across disclosures and market reports: Anchorage‑linked commentary references roughly 717,722 BTC, company metrics have listed about 717,131 BTC (with an average cost cited near $76,027), while other market tallies place the inventory closer to ~712,000 BTC. Those divergences appear to stem from reporting timestamps, inclusion or exclusion of very recent OTC or custodial settlements, and differing price snapshots used for mark‑to‑market calculations. Separately, Strategy has signalled a pattern of repeat, visible purchases—executing weekly buys and approaching a symbolic 100th purchase—which makes the company a predictable marginal buyer in tight OTC and exchange liquidity windows.
Strategic and Market Consequences
A regulated custodian taking a proprietary position in an issuance linked to a major bitcoin treasury narrows the separation between custody and capital provision: it can reduce perceived execution friction for buyers of STRC but also concentrates exposures across fewer integrated providers. In the near term, Anchorage’s disclosure injects directional demand into STRC secondary markets and may tighten yields if other institutional allocators follow; in the medium term, actual price and liquidity adjustments will depend on the eventual disclosure of position size, Strategy’s issuance cadence, and any further dividend or ATM program changes. Regulators and counterparties are likely to scrutinize interlinked exposures if such pairings scale, especially given the opacity around undisclosed position sizes and the refinancing risks inherent to perpetual securities.
Read Our Expert Analysis
Create an account or login for free to unlock our expert analysis and key takeaways for this development.
By continuing, you agree to receive marketing communications and our weekly newsletter. You can opt-out at any time.
Recommended for you

Anchorage Digital unveils U.S.-regulated stablecoin rails for foreign banks
Anchorage Digital is rolling out a bundled service that lets non-U.S. banks use U.S.-regulated stablecoin rails for dollar transfers, custody, and token lifecycle operations — and is already anchoring issuer-led launches such as Tether’s USAT and an OSL-backed USDGO tranche. The product relies on Anchorage’s federal charter for regulatory positioning, but wider bank adoption will hinge on final implementing rules from U.S. agencies.

U.S.: MicroStrategy Signals Fresh Bitcoin Buy as Equity and Preferred Shares Come Under Pressure
MicroStrategy’s chairman signaled another weekend cue that the company purchased additional bitcoin, adding to a substantial year-to-date accumulation. The stock slid about 6% over the week and the company’s perpetual preferred trades below par, limiting near-term capital raises tied to at‑the‑market programs.

Steak 'n Shake Moves $10M into Bitcoin Treasury After Lightning Payments Lift Sales
Steak 'n Shake purchased roughly $10 million of bitcoin (about 105 BTC) for its corporate treasury after enabling Lightning Network payments. Management says customer crypto receipts are being retained as a Strategic Bitcoin Reserve rather than converted to cash, following observed payment-cost savings and a rise in same-store sales.

Justin Sun affirms Tron Inc.’s TRX buying strategy as token outperforms Bitcoin
Justin Sun publicly endorsed Tron Inc.’s continued accumulation of TRX after the company added roughly 175,500 tokens in its latest dip buy. The purchase modestly increased Tron Inc.’s holdings and highlights TRX’s resilience this year compared with bitcoin’s deeper decline.

Intesa Sanpaolo reveals ~$96M in spot bitcoin ETFs and a large MicroStrategy put hedge
Intesa Sanpaolo disclosed roughly $96M in spot bitcoin ETFs alongside a sizeable put option tied to MicroStrategy, indicating a paired trade that is long bitcoin ETFs while hedging company-specific downside. That structure is notable given MicroStrategy’s continued bitcoin accumulation (roughly 712k–714k BTC) and recent equity/preferred funding frictions, which increase the plausibility of a trade sized to profit if MSTR compresses toward its bitcoin backing.

Saylor Pushes Back on Critics, Frames Corporate Bitcoin Holdings as Strategic Capital Allocation
Michael Saylor defended corporate Bitcoin treasuries on a recent podcast, arguing that allocating surplus cash to Bitcoin can be a rational alternative to low-yield Treasurys or buybacks. He suggested that gains in digital assets can offset operating losses and warned that companies holding BTC face disproportionate scrutiny compared with those that do not.

Institutions shift toward TradFi-style bitcoin yield, GlobalStake co-founder says
Institutional allocators are revisiting bitcoin yield as custodial, fully collateralized and market-neutral structures emerge to match familiar TradFi risk profiles. GlobalStake has launched a Bitcoin Yield Gateway and expects roughly $500 million of BTC allocations in the early rollout, a sign that yield-first products may coax treasuries and funds off passive custody.

BlackRock digital assets head warns leverage-driven derivatives are threatening bitcoin’s institutional narrative
BlackRock’s head of digital assets, Robert Mitchnick, said concentrated leverage in derivatives — notably perpetual futures and options — is producing outsized short-term swings that could undermine bitcoin’s appeal to conservative institutional allocators. While IBIT saw only 0.2% weekly redemptions, recent market episodes show large options volumes, sizable same‑day ETF outflows and reduced on‑exchange stablecoin depth that together magnify liquidation cascades.