Anchorage buys STRC as Wall Street shorts mount against Saylor’s Bitcoin proxy

Crypto bank Anchorage Digital said it now holds Strategy’s perpetual preferred security STRC on its balance sheet, adding an institutional backer to Michael Saylor’s Bitcoin treasury company at a time when Wall Street traders are increasingly betting against it.

In a Wednesday post on X, Anchorage co-founder and CEO Nathan McCauley said the purchase shows alignment between two companies built around Bitcoin ($BTC) infrastructure and corporate treasury adoption. “Conviction compounds. Institutions don’t just talk about Bitcoin, they structure around it,” McCauley wrote.

“When the company that operationalizes Bitcoin infrastructure puts capital alongside the company that operationalized the Bitcoin treasury strategy…that’s a signal,” he added. Anchorage did not reveal the size or timing of the position.

According to Strategy’s website, STRC is a Nasdaq-listed perpetual preferred security marketed as a short-duration, high-yield instrument. The shares pay an 11.25% annual dividend distributed monthly in cash. Capital raised through the instrument has historically financed the firm’s continued Bitcoin accumulation.

Related: Michael Saylor says quantum threat to Bitcoin is more than 10 years away

Strategy becomes Wall Street’s most-shorted stock

Anchorage’s purchase comes as Strategy has climbed to the top of Goldman Sachs’ list of most-shorted large-cap US equities by short interest as a percentage of market capitalization. A year ago, it did not rank among the top 50. The company began rising on the list in late 2025 as its share price weakened even before Bitcoin peaked in October.

Strategy becomes the most shorted large-cap stock. Source: Goldman Sachs

Short selling involves borrowing shares and selling them with the expectation of repurchasing later at a lower price. Losses can grow if the stock rises.

Strategy functions as a leveraged public-equity proxy for Bitcoin. It issues securities and deploys the proceeds into $BTC. Gains can amplify during rallies, while downturns magnify pressure on the share price.

The company currently holds 717,722 Bitcoin worth about $46.68 billion at current market prices. On Monday, it announced another purchase, acquiring 592 $BTC for $39.8 million. The coins were acquired at an average cost of roughly $76,020, leaving the company sitting on an estimated $7 billion unrealized loss with Bitcoin trading near $66,000.

Related: Michael Saylor hints at Strategy’s 100th Bitcoin buy

Strategy plans debt-to-equity shift

Last week, Strategy founder Michael Saylor said the company intends to convert roughly $6 billion in convertible bond debt into equity, replacing repayment obligations with newly issued shares. The change would lower leverage on the balance sheet by turning bondholders into shareholders, though it could dilute existing investors.

The firm added that its Bitcoin treasury would still cover its liabilities even in an extreme downturn. According to the company, Bitcoin would need to fall close to $8,000, an estimated 88% drop, before its holdings and debt reached parity.

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