Point72, the hedge fund founded by Steven Cohen, has completely exited its position in Strategy (MSTR) and opened a new $2.1 million position in Strive (ASST), according to a 13F filing with the U.S. Securities and Exchange Commission.
The quarterly filing, reflecting holdings as of June 30, shows the fund sold all 72,431 shares of Strategy it previously owned and initiated a 163,419-share stake in Strive. Institutional managers with more than $100 million in assets under management must file Form 13F within 45 days of quarter-end, though exact trade dates are not disclosed.
The portfolio shift coincides with renewed pressure on Strategy stock. MSTR closed at $92.52 on August 18, down 5.28% or $5.16, after trading between $92.45 and $97.66 during the session. The stock has a beta of 3.55 and a 52-week range of $81.81 to $365.21. Strategy has not bought or sold Bitcoin since mid-June, and its dollar reserve has grown to about $4.8 billion, providing roughly 33 months of coverage for preferred dividends and debt interest, according to CryptoQuant.
During the week, Strategy raised $333.7 million through MSTR stock, added $149.1 million to reserves, and used $132.2 million to retire $138.9 million of STRC stock, while reporting zero Bitcoin transactions. The company also reduced long-term convertible debt by 18% to about $6.7 billion, but reported an $8.22 billion second-quarter net loss driven by unrealized Bitcoin losses.
At an August 17 Q2 investor Q&A, CEO Phong Le said Strategy would not pay a common-stock dividend. Executive Chairman Michael Saylor reiterated that MSTR should be viewed as amplified Bitcoin exposure, with volatility higher than Bitcoin itself, and recommended a holding period of at least four years, ideally seven to ten years.
The developments highlight shifting institutional sentiment toward Bitcoin-linked equities, though 13F data represents only a lagging snapshot and should not be taken as a recommendation.
