Anchorage Digital Adds STRC to Balance Sheet, Backing Michael Saylor’s Bitcoin Treasury Strategy

Strategy uses its STRC perpetual preferred stock to raise capital, creating an ongoing funding channel for Bitcoin purchases. Its at-the-market program allows the company to issue additional shares depending on market conditions. STRC’s liquidity and market demand will directly affect Strategy’s ability to expand its Bitcoin holdings, as well as investors’ assessment of its financing ceiling and dilution risks.

The latest reports revised STRC’s Monday trading volume to $1.5 billion from an initial estimate of $1.16 billion and said it funded Strategy’s purchase of 11,707 Bitcoin, above the earlier estimate of 7,800. Trading volume could set another record on Tuesday, while Delphi Digital warned that the STRC financing model faces a $28 billion scale ceiling.

Strategy, the world’s largest publicly traded corporate holder of Bitcoin, launched STRC perpetual preferred stock with no maturity date on Nasdaq in July 2025. The shares pay monthly cash dividends and raise funds used mainly to buy Bitcoin. They give investors yield and indirect Bitcoin exposure, while providing DeFi with a new underlying asset for tokenized credit and structured-yield products.

As of May 7, 2026, Saturn held about $50 million of STRC and Apyx held nearly $130 million. Strategy said more than $270 million of STRC had entered DeFi. Data as of April 15 showed that nearly $200 million had been tokenized on Ethereum and about $100 million was trading on Pendle. STRC’s annualized dividend yield was 11.5%.

Strategy, the world's largest corporate holder of Bitcoin, launched perpetual preferred stock STRC in July 2025 to raise U.S. dollar funding through share issuance and buy more Bitcoin. STRC targets a price near its $100 par value, with its high dividend designed to attract income-focused investors while allowing the company to continue expanding its crypto holdings.

Strategy said STRC's annualized dividend rate would remain at 11.5% in April 2026, ending a run of seven consecutive increases since the product's launch. With STRC's market price gradually stabilizing and approaching its $100 par value, the company will not raise the rate this month but will continue using the stock as a fundraising vehicle for future Bitcoin purchases.

Strategy’s STRC is a Nasdaq-listed variable-rate Series A perpetual preferred stock that ranks senior to MSTR common stock. Monthly dividends and rate adjustments are designed to keep its price close to its $100-per-share par value. Its annual dividend rate is 11.25%, giving companies exposure to bitcoin through a liquid security and showing how corporate treasury strategies are expanding beyond direct BTC holdings into “digital credit” instruments.

On February 25, 2026, Prevalon Energy, Anchorage Digital and OranjeBTC confirmed that they held STRC, though none disclosed the amount. STRC briefly returned to its $100 par value that day, with trading estimated to support the purchase of about 22 BTC. On February 24, 21Shares launched the Strategy Yield ETP in Europe with a 0% annual management fee.

Anchorage Digital Bank received a national trust bank charter from the U.S. Office of the Comptroller of the Currency in January 2021, becoming the country’s first federally chartered crypto bank. Michael Saylor-led Strategy has continued to finance additional Bitcoin purchases. Its STRC preferred stock has no maturity date and ranks ahead of MSTR common stock in liquidation, giving institutions indirect exposure to Bitcoin-related risk through a U.S. dollar-denominated yield instrument.

Anchorage Digital disclosed on February 25, 2026, that it had added STRC, launched by Strategy in July 2025, to its balance sheet. It did not disclose the number of shares purchased or the amount invested. STRC had a par value of $100 and an annualized dividend rate of 11.25% at the time, with cash payments made monthly and the rate adjusted each month. Strategy held 717,722 Bitcoin worth about $46.64 billion.