Anchorage Digital, the first crypto-native firm to obtain a federal U.S. banking charter, has disclosed a new allocation to perpetual preferred shares issued by bitcoin treasury giant Strategy (MSTR).

The San Francisco-based institution said Wednesday that it now holds Strategy’s income-producing preferred equity on its balance sheet, deepening financial ties between two leading institutional supporters of bitcoin.

CEO Nathan McCauley described the purchase as “conviction compounding,” signaling that institutional belief in bitcoin is increasingly expressed through capital deployment and balance sheet positioning.

“Institutions don’t just talk about Bitcoin, they structure around it,” McCauley wrote on X, arguing that when a firm building bitcoin infrastructure allocates capital alongside the company that pioneered the corporate bitcoin treasury model, it sends a powerful message to the market.

Strategy Executive Chairman Michael Saylor echoed the sentiment, responding that “conviction is contagious,” and suggesting that additional institutions may soon follow Anchorage in buying the preferred shares.

The move represents a direct endorsement of the bitcoin-treasury strategy championed by Saylor and highlights growing alignment among institutional bitcoin advocates despite ongoing price volatility. Strategy remains the largest publicly traded corporate holder of bitcoin, with 717,722 BTC valued at approximately $46.64 billion at current market prices.

The preferred instrument, branded Short Duration High Yield Credit (STRC), ranks senior to common equity such as MSTR shares and provides recurring income without a maturity date.

Launched in mid-2025, STRC offers an 11.25% annual dividend, distributed monthly in cash. The payout rate is adjusted periodically to help maintain trading stability around its $100 par value.

Anchorage Digital provides institutional crypto services including custody, trading, staking, and stablecoin infrastructure. It is also building U.S.-compliant stablecoin payment rails aimed at enabling faster cross-border asset transfers for international banking partners.