Anchorage Digital, the first crypto firm to secure a U.S. banking charter, said Wednesday that its holding perpetual preferred stock in bitcoin treasury firm Strategy on its balance sheet.

Anchorage's CEO Nathan McCauley called it "conviction compounding."

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

Saylor responded by saying that "conviction is contagious," hinting at a possibility of other firms soon following Anchorage's lead in buying Strategy's yield-generating preferred stock.

Anchorage's investment is a capital vote for the bitcoin treasury playbook popularized by Michael Saylor's Strategy. The flex also highlights deepening ties among bitcoin's institutional faithful, even as prices wobble. Strategy is the world's largest publicly listed bitcoin holder, boasting a coin stash of 717,722 BTC, worth $46.64 million.

Strategy's perpetual preferred stock, Short Duration High Yield Credit (STRC), ranks senior to common shares like MSTR while offering investors steady yields without an expiration date.

Launched in mid-2025, STRC pays 11.25% annual dividends to holders. This is paid monthly in cash, with its rate adjusted each month to keep trading stable around the $100 par value.

San Francisco-based Anchorage Digital, the first federally chartered U.S. crypto bank offers custody, trading, staking, and stablecoin services to institutions. The firm is establishing U.S.-compliant stablecoin rails for international banks, offering faster movement of assets across borders.