Institutional Investors Increase MSTR Holdings Despite Q1 2026 Pullback

Major institutional investors significantly increased their exposure to Strategy (formerly MicroStrategy) during the first quarter of 2026, even as MSTR stock experienced a sharp decline alongside Bitcoin’s correction.

According to recent Form 13F filings shared by Strategy CEO Phong Le, 13 of the company’s top 15 institutional shareholders expanded their positions during Q1. Combined holdings climbed by approximately 27%, representing an increase of nearly $4.6 billion in total value.

Capital International recorded the largest increase, adding roughly $1.92 billion worth of MSTR shares during the quarter. Vanguard’s Portfolio and Capital Management divisions also boosted their combined holdings by around $967 million, while BlackRock Institutional Trust increased its position by approximately $377 million.

One of the notable new entries came from Defiance ETFs, which established a $511 million stake and quickly became the 14th-largest institutional holder of MSTR stock. Meanwhile, Morgan Stanley Investment Management was the only major institution to reduce exposure, trimming about $7 million from its nearly $1 billion position. Norges Bank Investment Management maintained its holdings unchanged at around $626 million.

The aggressive accumulation happened during a difficult period for Strategy shares. MSTR stock dropped nearly 18% in Q1 2026 as Bitcoin prices declined more than 22%, reflecting broader weakness across the crypto market. However, the recent rebound in Bitcoin has helped the stock recover, with MSTR now trading more than 9% higher year-to-date.

While some purchases came from passive investment giants such as Vanguard, BlackRock, State Street, and Geode Capital, whose allocations often follow index adjustments, several active investment firms made deliberate moves during the selloff. Capital International, Capital World Investors, and Capital Research Global Investors collectively added more than $2.27 billion in MSTR shares, signaling strong long-term confidence in Strategy’s Bitcoin-focused corporate strategy.