Despite Strategy Woes, 12 of 15 MSTR Institutional Holders Added Shares in Q2

Strategy says 12 of its 15 largest institutional holders added to their MSTR positions in the second quarter of 2026. The Q2 13F filings show combined holdings among that group climbed by roughly $700 million.

Strategy released the data to show that big investors still trust its stock. The company built its reputation on a “never sell Bitcoin” pledge, and it broke that pledge this year.

MSTR Institutional Holders Keep Buying

Capital International Investors remains the largest holder. It added $346 million, lifting its stake to $3.49 billion, or 9.4% of shares outstanding.

Vanguard’s two largest entities added a combined $147 million. BlackRock Institutional Trust grew its position by $84 million, and Goldman Sachs nearly quadrupled its stake to $555 million.

However, three holders pulled back. Capital Research Global Investors cut $462 million, the largest reduction in the group, and UBS Financial Services trimmed $142 million.

Geode Capital Management made a smaller cut of $5 million. Even so, the net gain across all 15 holders reached roughly $700 million for the quarter.

In contrast, the Q1 additions were larger. In that quarter, an additional holder was added, bringing the number of top 15 institutional shareholders who added shares to 13, and combined holdings rose by $4.6 billion.

A Test of Institutional Confidence

The filings arrive at a sensitive moment for Strategy. Since May, the company has sold Bitcoin in multiple tranches to fund dividends on its STRC preferred shares.

That marks a reversal of the accumulation-only approach that built its reputation. Executives call the sales capital structure optimization, not a retreat from Bitcoin.

Meanwhile, some analysts question whether the flywheel model still works when Bitcoin’s price sags. The debate centers on how much Strategy can rely on Bitcoin sales without eroding investor trust.

Continued institutional buying gives Strategy a counterargument. It suggests that large, long-term holders remain unbothered by the pressure on its capital structure, at least for now.

As a result, analysts still see upside in MSTR stock, even with Bitcoin’s price flat. The next few quarters will show how far Strategy can lean on its Bitcoin reserves before that confidence fades.

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