European asset management giant Amundi has nearly tripled its exposure to Strategy (MSTR), the largest corporate Bitcoin holder, by 148% to 1.32 million shares, according to a filing. The move highlights traditional financial institutions' growing interest in Bitcoin-related equities even as MSTR stock slid near $97.33 on Tuesday.
Strategy, formerly MicroStrategy, now holds 840,447 BTC, correcting a previous second-quarter figure of 846,000 BTC. CEO Phong Le said the company expects to resume Bitcoin accumulation later in 2026, after purchasing roughly 175,000 BTC during the year while selling about 7,000 BTC. Le described purchases as about 25 times larger than sales. The company sold 3,328 BTC for $213.3 million during its two most recent reporting periods, boosting dollar reserves to $4.65 billion for preferred dividends and share repurchases.
The broader crypto market traded under pressure, with Bitcoin near $63,400 and failing to hold an intraday move above $64,400. The pullback triggered $39 million in liquidations, including $34.4 million from longs. Weekly spot Bitcoin ETF inflows reached $854 million, absorbing roughly 13,300 BTC, but analysts point to 1.79 million BTC held between $62,000 and $65,000 as overhead supply. Bitfinex expects Bitcoin to hold between $62,000 and $65,000.
While MSTR's market value is only around $38 billion compared to JPMorgan's over $950 billion, MSTR's daily volume of 15-20 million shares exceeds JPMorgan's 6-9 million, with dollar turnover near $1.5-2 billion. Strategy faces financing tensions: convertible debt near $6.7 billion, preferred dividends near $400.7 million in the second quarter, and an $8.32 billion unrealized Bitcoin loss. Analysts maintain 14 buy ratings and a consensus target of $232.50, implying nearly 139% upside.
