Anchorage Digital Adds Strategy’s $STRC to its Corporate Balance Sheet 

Anchorage Digital has added Strategy’s perpetual preferred stock, $STRC, to its corporate balance sheet.

Anchorage Digital, the first U.S. federally chartered crypto bank, publicly disclosed this during a presentation at the “Bitcoin for Corporations” track of the Strategy World 2026 conference in Las Vegas (February 25, 2026). It was confirmed in their official statement and echoed across news outlets.

Anchorage has been a long-standing trading and custody partner for Strategy for nearly 3 years. Adding $STRC signals strong internal conviction in Bitcoin and Strategy’s treasury approach. As Nathan McCauley (CEO of Anchorage) noted, it aligns their capital with the institutional frameworks they help build for clients.

Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (Nasdaq-listed). It offers an ~11.25% annual dividend; paid monthly in cash, with the rate adjusted to keep the share price stable near $100 par value). It ranks senior to common shares (like MSTR), is backed by Strategy’s large Bitcoin holdings, and functions as a short-duration, high-yield credit instrument that helps fund further BTC acquisitions. It provides yield without an expiration date.

The exact amount or timing of Anchorage’s purchase wasn’t disclosed publicly. This move highlights growing institutional comfort with sophisticated Bitcoin-linked products beyond direct spot holdings. Anchorage—a regulated entity with a U.S. banking charter—holding STRC on its own books serves as a vote of confidence in Strategy’s model often associated with Michael Saylor’s aggressive BTC treasury strategy and demonstrates “disciplined capital management” for institutions.

It also reinforces Anchorage’s role in providing secure infrastructure for corporate Bitcoin adoption.

STRC is Strategy’s innovative perpetual preferred stock, designed as a short-duration, high-yield credit-like instrument backed indirectly by the company’s massive Bitcoin treasury. Its dividend mechanics are deliberately engineered to keep the share price trading close to its $100 stated amount while providing steady monthly cash income.

There is no redemption date. Holders rely on ongoing dividends or eventual optional redemption by Strategy at $101 plus accrued dividends in certain cases. The annualized dividend rate resets every month at Strategy’s sole discretion. It started at 9.00% in July 2025 and has been raised multiple times in 25 basis point (0.25%) increments. As of March 2026, the current rate is 11.50% per annum.

Paid monthly in cash: Dividends are declared and paid on the last calendar day of each month (or next business day) in arrears. For example, the March 2026 dividend (at 11.50%) is paid on March 31, 2026, to holders of record around mid-month.

Based on $100 stated amount: The rate always applies to the $100 par, not the current market price. This makes the effective yield roughly equal to the stated rate when trading near $100 currently ~11.50%. Monthly dividend per share = ($100 × annual rate) ÷ 12 At 11.50%: $0.9583 per share per month

At 11.25%: $0.9375 per share per month. At 10.00%: $0.8333 per share per month. Strategy’s explicit goal is to minimize price volatility and encourage trading around $100 par. The company monitors the stock’s recent trading price often using 5-day VWAP and adjusts the rate accordingly:If price trades below ~$99 especially under $95–$98.99: Strategy typically increases the rate by 25 bps to attract buyers and push the price back toward par.

If price trades near or above $100: The rate usually stays the same, though small adjustments (±25 bps) are possible. Downward adjustments are allowed but restricted; cannot drop more than 25 bps plus any decline in one-month SOFR, and never below current SOFR; also, all prior unpaid dividends must be caught up first. This creates a self-stabilizing effect similar to a floating-rate note or high-yield savings account, but with equity characteristics.

The rate can go significantly lower in the future if Strategy chooses, and dividends are not guaranteed—they must be declared by the board and paid only out of legally available funds. Dividends are cumulative. If a monthly dividend is not paid in full on the payment date, it accrues and compounds monthly at the then-applicable rate.

Unpaid dividends including compounded amounts must generally be paid before any common dividends or certain other actions. This gives STRC seniority over common stock (MSTR) in the capital structure. Strategy has full discretion (within limits) and has publicly stated its intention can change.

Not a fixed-income security — Even though it behaves like one, it is preferred equity. In bankruptcy or liquidation, STRC ranks senior to common but still below debt. The prospectus discusses tax risks if adjustments cause it to be treated as “fast-pay stock” by the IRS, though Strategy aims to avoid this.

Dividends are ultimately supported by Strategy’s ability to raise capital via ATM offerings of STRC itself or other securities and its Bitcoin holdings, but there is no direct pledge of BTC. STRC functions like a monthly-paying, adjustable-rate perpetual “savings account” that Strategy actively manages to stay near $100 par.

The variable monthly reset and cash payouts differentiate it from traditional fixed-rate preferreds, giving it more bond-like stability in price while delivering high current yield currently ~11.5%.