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…