Investors poured $4.6B into Strategy in Q1 despite 18% slump

Institutional investors increased their combined holdings in Strategy, formerly MicroStrategy (ticker: MSTR), by about $4.6 billion during the first quarter of 2026, according to Form 13F filings disclosed this week by CEO Phong Le. The top 15 institutional holders raised their aggregate stake by roughly 27%, and 13 of those 15 institutions reported larger positions at quarter end.

Capital International recorded the largest single addition, boosting its MSTR position by $1.92 billion. Vanguard’s Portfolio and Capital Management units together added about $967 million. BlackRock Institutional Trust increased its holding by $377 million. Defiance ETFs opened a new position worth $511 million, placing it 14th among the top shareholders. Morgan Stanley Investment Management trimmed its stake by about $7 million from near $1 billion, while Norges Bank Investment Management left its position unchanged at $626 million.

The filings show a mix of passive and active managers. Vanguard, BlackRock, State Street and Geode Capital are mainly passive index managers; their reported changes can reflect index rebalancing and fund flows rather than discretionary stock picks. Active managers named in the filings — including Capital International, Capital World Investors and Capital Research Global Investors — collectively added more than $2.27 billion during the quarter.

Strategy’s shares fell about 18% in Q1 2026, a decline that tracked a larger drop in Bitcoin, which fell more than 22% over the same period. Since the quarter, Bitcoin has recovered some value and Strategy’s stock is up more than 9% year-to-date.

Form 13F filings are quarterly disclosures that large institutional investment managers submit to the U.S. Securities and Exchange Commission listing equity holdings. The filings report positions as of the quarter end but do not disclose managers’ intentions or the specific timing of trades within the quarter. The data posted by the CEO offers a snapshot of how major institutional holders adjusted exposure to MSTR during a period of crypto market volatility.