Crypto bank Anchorage Digital said it has added Strategy’s perpetual preferred security, STRC, to its balance sheet, signaling institutional backing for Michael Saylor’s Bitcoin-focused treasury firm at a time when Wall Street traders are ramping up short positions against it.
In a Wednesday post on X, Anchorage co-founder and CEO Nathan McCauley said the investment reflects alignment between two companies centered on Bitcoin infrastructure and corporate treasury adoption. “Conviction compounds. Institutions don’t just talk about Bitcoin, they structure around it,” he wrote, adding that capital backing from a Bitcoin infrastructure firm into a Bitcoin treasury company sends a broader market signal. Anchorage did not disclose the size or timing of the purchase.
According to Strategy’s website, STRC is a Nasdaq-listed perpetual preferred security designed as a short-duration, high-yield instrument. The shares offer an 11.25% annual dividend paid monthly in cash, with proceeds historically used to fund the company’s ongoing Bitcoin acquisitions.
Strategy becomes Wall Street’s most-shorted large-cap
Anchorage’s move comes as Strategy has risen to the top of Goldman Sachs’ ranking of the most-shorted large-cap US stocks by short interest as a percentage of market capitalization. A year earlier, the company did not appear in the top 50. Its climb up the list began in late 2025 as its share price weakened ahead of Bitcoin’s October peak.
Short selling involves borrowing shares and selling them with the aim of buying them back later at a lower price. If the stock rises instead, losses can mount quickly.
Strategy operates as a leveraged public equity proxy for Bitcoin. The company raises capital by issuing securities and deploys the proceeds into BTC. This structure can magnify gains during bull markets but also intensifies downside pressure when prices fall.
Strategy currently holds 717,722 Bitcoin valued at roughly $46.68 billion at current market prices. On Monday, it disclosed another purchase of 592 BTC for $39.8 million, acquired at an average price of about $76,020 per coin. With Bitcoin trading near $66,000, the company is sitting on an estimated $7 billion in unrealized losses.
Debt-to-equity conversion plan
Last week, founder Michael Saylor said Strategy plans to convert approximately $6 billion in convertible bond debt into equity, replacing repayment obligations with newly issued shares. The move would reduce leverage by turning bondholders into shareholders, though it may dilute existing investors.
The company also stated that its Bitcoin treasury would remain sufficient to cover liabilities even under severe market stress. According to Strategy, Bitcoin would need to fall to around $8,000 — an approximately 88% decline from current levels — before the value of its holdings matched its outstanding debt.
