A crypto company holding a U.S. bank charter owns preferred shares issued by Strategy, a major bitcoin holder.

Anchorage Digital, the first federally chartered crypto bank in the U.S., has added perpetual preferred shares issued by bitcoin treasury firm Strategy (MSTR) to its balance sheet.

The San Francisco-based institution disclosed Wednesday that it now holds Strategy’s yield-bearing preferred equity, deepening financial ties between two of bitcoin’s most prominent institutional backers.

Anchorage CEO Nathan McCauley described the move as “conviction compounding,” emphasizing that institutional commitment to bitcoin increasingly goes beyond rhetoric.

“Institutions don’t just talk about Bitcoin, they structure around it,” McCauley wrote on X. “When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy… that’s a signal.”

Strategy Executive Chairman Michael Saylor responded that “conviction is contagious,” suggesting other firms may follow Anchorage in allocating capital to the preferred shares.

The investment represents a direct endorsement of the bitcoin-treasury model popularized by Saylor, reinforcing growing alignment among institutional bitcoin advocates even amid recent market volatility. Strategy remains the largest publicly traded corporate holder of bitcoin, with 717,722 BTC on its balance sheet, valued at approximately $46.64 billion at current prices.

The perpetual preferred security, known as Short Duration High Yield Credit (STRC), sits senior to common equity such as MSTR shares and offers investors recurring income without a maturity date.

Launched in mid-2025, STRC carries an annual dividend rate of 11.25%, paid monthly in cash. The payout adjusts periodically to help maintain trading stability around its $100 par value.

Anchorage Digital provides institutional services including custody, trading, staking, and stablecoin infrastructure. The firm is also building U.S.-compliant stablecoin payment rails aimed at enabling international banks to move assets across borders more efficiently.