Last updated on March 5th, 2026 at 07:39 pm
Crypto bank Anchorage Digital has added Strategy’s Nasdaq-listed perpetual preferred security, STRC, to its balance sheet. This move shows institutional backing for Michael Saylor’s Bitcoin-heavy corporate treasury model at a time when short sellers are increasing their bets.
Anchorage co-founder and CEO Nathan McCauley said on X that the purchase shows the two companies share a focus on Bitcoin infrastructure and treasury innovation. The company did not share details about the size or timing of the investment, but this step puts Anchorage alongside Strategy as it continues to buy more BTC.
Conviction compounds.
Institutions don’t just talk about Bitcoin, they structure around it.
Today, @Anchorage Digital has announced it holds $STRC, @Strategy’s perpetual preferred stock, on our balance sheet.
When the company that operationalizes Bitcoin infrastructure puts…
— Nathan McCauley ⚓ (@nathanmccauley) February 25, 2026
STRC, listed on Nasdaq, offers investors an 11.25% annual dividend paid monthly in cash. Marketed as a short-duration, high-yield instrument, the preferred security has been a key funding vehicle for Strategy’s ongoing Bitcoin purchases.
Strategy tops Wall Street’s most-shorted list
Anchorage’s vote of confidence comes as Strategy climbs to the top of a most-shorted large-cap equities ranking compiled by Goldman Sachs. A year ago, the company was absent from the top 50. By late 2025, however, rising leverage and a softening share price pushed it into prime position for bearish bets.
Strategy effectively operates as a leveraged public proxy for Bitcoin. It raises capital through equity and debt offerings and channels proceeds into BTC. The approach magnifies gains during bull runs but intensifies downside pressure when prices fall.
The company now holds 717,722 BTC valued at roughly $46.7 billion. With an average acquisition cost near $76,020 per coin and Bitcoin trading around $66,000, Strategy is carrying an estimated $7 billion unrealized loss.
Debt-to-equity shift aims to ease pressure
Last week, Saylor said Strategy plans to convert about $6 billion in convertible bond debt into equity, reducing repayment obligations while potentially diluting shareholders.
Strategy maintains that its Bitcoin reserves would still cover liabilities unless BTC plunged roughly 88% to near $8,000, a scenario it considers extreme.
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