Amundi Boosts Strategy (MSTR) Stake 44% to $291 Million as Shares Slide
Europe's largest asset manager Amundi increased its position in Strategy (MSTR) by 44% in Q3 to 1.9 million shares worth $291 million, even as the stock fell 18% since quarter-end.
The Paris-based asset manager disclosed the increased position in a Form 13F filed November 6, showing 1,903,725 shares valued at $291.4 million as of September 30. This represents a substantial increase from the 1,324,053 shares worth approximately $115.1 million that Amundi held at the end of June.
The filing comes amid a challenging period for MSTR shares, which have declined approximately 18% since September 30, closing near $126 on Monday. At current prices, Amundi's disclosed stake would be worth approximately $239 million, marking a significant paper loss since quarter-end.
Strategy Keeps Buying Despite Price Drop
While Amundi increased its stake, Strategy itself continued accumulating bitcoin. The company purchased an additional 1,036 bitcoin last week for $81.9 million at an average price of $79,012, bringing its total holdings to 850,364 BTC acquired at an average of $75,456. This positions Strategy as the largest corporate bitcoin holder, with holdings representing roughly 4% of bitcoin's total supply.
Strategy keeps buying while the stock slides
Notably, Strategy's average purchase price now exceeds the current spot bitcoin price, leaving its holdings underwater on paper despite continued accumulation. The company funds much of its bitcoin purchases by selling new MSTR shares, creating a feedback loop where declining share prices increase dilution for each bitcoin acquired.
European Institutions Add Bitcoin Exposure
Amundi was not alone among European financial institutions increasing their bitcoin exposure during Q3. Barclays' own 13F filing, also submitted November 6, revealed a 48% increase in its holdings of BlackRock's iShares Bitcoin Trust (IBIT), growing to 3,942,900 shares worth $186.7 million by September 30.
These filings collectively indicate that traditional European asset managers continued adding bitcoin-proxy investments even as the cryptocurrency market cooled in the fall. However, the 13F forms provide snapshots rather than real-time trading activity, and the actual positions may have changed since quarter-end.
The institutional buying occurred despite subsequent market weakness, with both bitcoin and MSTR shares declining further into October. At Monday's closing prices, Amundi's disclosed MSTR stake had decreased by approximately $52 million from its September 30 valuation.
Related
