Anchorage Digital Buys Strategy STRC as Stock Becomes Most-Shorted
Anchorage Digital purchased STRC, a security linked to Michael Saylor’s Bitcoin strategy, as the stock faces increasing short interest from Wall Street.Summary
Anchorage Digital has invested in Strategy’s perpetual preferred security, STRC, signaling confidence in the Bitcoin treasury strategy pioneered by Michael Saylor. This move occurs as Strategy has become the most-shorted large-cap US stock, with short interest significantly increasing over the past year. STRC is designed as a high-yield instrument that funds Strategy’s Bitcoin acquisitions, currently holding 717,722 BTC valued at approximately $46.68 billion. Despite recent Bitcoin price fluctuations resulting in an estimated $7 billion unrealized loss, Strategy plans to convert $6 billion in convertible bond debt into equity to reduce leverage, even though this could dilute existing shareholders. The company maintains that its Bitcoin holdings would need to fall to around $8,000 before liabilities and assets reach parity.
(Source：Cointelegraph)