The U.S.-chartered crypto firm has taken a position in preferred stock from bitcoin treasury company Strategy.

Anchorage Digital, the first digital asset firm to receive a federal U.S. banking charter, has added perpetual preferred shares from bitcoin treasury company Strategy (MSTR) to its balance sheet.

The San Francisco-based crypto bank confirmed Wednesday that it now holds Strategy’s income-generating preferred stock, reinforcing ties between two institutions closely aligned with bitcoin’s long-term adoption narrative.

Chief Executive Nathan McCauley described the purchase as “conviction compounding,” arguing that institutional belief in bitcoin is increasingly demonstrated through capital structure decisions rather than public statements.

“Institutions don’t just talk about Bitcoin, they structure around it,” McCauley wrote on X, suggesting that when a firm building bitcoin infrastructure deploys capital alongside the company that pioneered the corporate bitcoin treasury strategy, it sends a meaningful signal to the market.

Strategy’s Executive Chairman Michael Saylor responded that “conviction is contagious,” implying that other firms could soon follow Anchorage in allocating funds to the preferred shares.

The move represents a direct endorsement of the bitcoin treasury approach championed by Saylor and highlights deepening coordination among institutional bitcoin proponents, even as prices remain volatile. Strategy is currently the largest publicly traded corporate holder of bitcoin, with 717,722 BTC valued at approximately $46.64 billion.

The preferred security, known as Short Duration High Yield Credit (STRC), ranks senior to common stock such as MSTR and offers investors recurring income with no maturity date.

Launched in mid-2025, STRC carries an annual dividend of 11.25%, paid monthly in cash. The rate is periodically adjusted to help stabilize trading near 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 designed to facilitate faster cross-border asset transfers for international banking partners.

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