Original Title: “Stock Price Halved Yet Backed by Long-Term Capital: Unveiling the ‘Mysterious Shareholder Group’ of Strategy”
Original Author: Wenser
Original Source:
Repost: Mars Finance
Amid market turbulence, the stock price of Strategy, the “BTC Treasury Leader,” continues to decline. Despite the company’s recent announcement of a $1.44 billion dividend reserve to support dividends and interest payments, it has failed to restore market confidence—compounded by previous news of a possible removal from the MSCI Index, its stock price once plummeted nearly 10%.
However, looking at the shareholder structure, Strategy still attracts some long-term capital, including institutions like Deutsche Bank, which manages $1.6 trillion in assets.
Strategy (MSTR) Shareholder Structure Revealed: Public Companies and Retail Holders Account for Nearly 50%
According to Investing, as of the end of Q3 this year, Strategy’s common stock holdings are mainly composed of mutual funds and ETF funds, institutional investors, public companies, and retail investors. Specifically:
· Mutual funds and ETF funds account for 25.57% of holdings;
· Institutional investors account for 24.83% of holdings;
· Public companies and retail investors account for 49.6% of holdings.
· Currently, Strategy (MSTR) has about 287 million shares outstanding, with a total market value of approximately $52.1 billion.
Among institutional investors, Strategy’s shareholders include globally renowned companies such as Vanguard Group, BlackRock, Morgan Stanley, and UBS Asset Management.
In mutual funds, Strategy’s shareholder list remains impressive, with the top-ranked being well-known industry funds.
Next, aside from conventional asset management institutions, we will highlight some particularly representative shareholders to help you better understand the many “mysterious shareholders” behind Strategy, known as the “No.1 BTC Concept Stock” and “DAT Trendsetter.”
National and Major Banks: The “Hidden Tycoons” Among Strategy Shareholders
In Strategy’s shareholder list, one of the most unique groups is undoubtedly the central banks of sovereign nations and major banks. Although the main reason for central banks to hold Strategy stock is often to practice diversified investment strategies or to gain indirect exposure to BTC assets, their holdings are indeed a fact and represent the most direct “vote with their feet.”
According to Stockzoa, as of the end of Q3, the information on central banks and major banks holding Strategy stock is as follows:
In addition to the above banks, some central banks, after briefly holding Strategy stock, soon liquidated their positions due to market fluctuations or their own asset allocation requirements. For example, at the beginning of the year, Norway’s central bank held about $500 million in MSTR shares, later increasing its holdings to about 2.98 million shares, but ultimately liquidated all in Q2 this year, worth about $1.2 billion, with a floating loss of about $200 million. The Saudi central bank (Saudi Arabian Monetary Authority) also disclosed holding 25,600 MSTR shares, indirectly gaining BTC asset exposure, but may have since liquidated.
Pension and Endowment Funds: Potential Players Among Strategy’s Q3 Shareholders
Aside from banking institutions, pension funds and endowment funds are also among the “main forces” holding Strategy stock. Thanks to the sheer scale of their capital, the future upside in Strategy’s stock may still depend on their continued interest.
Likewise, according to Stockzoa, as of the end of Q3 (compared to Q2), the following pension and endowment funds held Strategy stock (compiled from Grok):
These mainly include national pension funds, state pension funds, industry foundations, and Canadian pension funds.
Hedge Funds: The “Shark Predators” Among Strategy Shareholders?
Among Strategy’s shareholders, hedge funds may be the most sensitive to market trends. Therefore, in Q3, although most hedge funds increased their holdings of MSTR stock, crypto-friendly brokers and established hedge funds such as Cantor Fitzgerald, L.P., and Weiss Asset Management LP chose to reduce their holdings.
According to Stockzoa, as of the end of Q3 (compared to Q2), the following hedge funds held Strategy stock (compiled from Grok):
Data Perspective on Strategy Shareholder Changes: Institutions Remain the Main Force, Increase Outpaces Reductions
Beyond the group classification above, the data on changes in institutional shareholders of Strategy also reveals some hidden insights.
Strategy Stock Trading Volumes Remain Balanced, Far Below Historical Peaks
According to Marketbeat, in Q4 2024, Strategy stock saw a record 7.82 billion shares sold and 2.11 billion shares bought, with a buy-sell ratio approaching a staggering 1:4. By comparison, in Q3 this year, the numbers decreased to 2.64 billion shares sold and 2.07 billion shares bought, with a buy-sell ratio of about 1:1.25, indicating relatively balanced buy and sell data. This suggests that Strategy stock has not entered a so-called “panic sell-off period,” but is experiencing normal fluctuations.
Institutional Holdings: Increased Positions Double Those Reduced
According to Nasdaq, institutional holdings of Strategy stock currently account for about 55.84%, with a total of 1,293 institutions holding shares. Of these, 646 increased their positions, 505 reduced them, and 142 kept their holdings unchanged.
Moreover, the number of shares bought by increasing institutions is about twice that of the shares sold by reducing institutions (30.51 million shares vs. 16.26 million shares). This shows that the market can digest Strategy’s stock buying pressure; furthermore, more institutions chose to maintain their positions, with such holdings reaching 102 million shares, about two-thirds of institutional holdings, which indirectly highlights institutional investors’ confidence in Strategy’s future.
In summary, despite the severe stock price drop, the fundamentals and institutional holding structure of Strategy remain stable. As the market gradually recovers, there is hope for a rebound and a new upward trend.
