Institutions Added to MSTR Positions in Q1 Despite 18% Price Drop

Institutional holders boosted their MSTR positions in the first quarter of 2026, even as Strategy’s (formerly MicroStrategy) stock fell during the period.

Form 13F filings show that 13 of the top 15 institutional shareholders added shares, lifting their combined holdings by $4.6 billion, or 27%.

Top Institutions Loaded Up on MSTR Through Q1 Drawdown

Phong Le, Strategy’s chief executive officer, disclosed the 13F data on social media this week. The filings show Capital International boosted its MSTR stake by $1.92 billion, the largest single increase. 

Follow us on X to get the latest news as it happens

Vanguard’s Portfolio and Capital Management entities collectively saw holdings surge by $967 million, while BlackRock Institutional Trust added $377 million.

Defiance ETFs entered with a $511 million position, ranking 14th among top shareholders. In contrast, only Morgan Stanley Investment Management reduced its position, trimming a modest $7 million from a near $1 billion stake. Norges Bank Investment Management held flat at $626 million.

The accumulation came during a challenging period for MSTR. During Q1, the stock fell nearly 18%, tracking Bitcoin’s downturn, which saw the cryptocurrency drop over 22% during the same period. 

However, Bitcoin’s modest recovery has also boosted the stock, which has turned green year-to-date, rising more than 9%.

Active Conviction Versus Passive Mechanics

It’s worth noting that Vanguard, BlackRock, State Street, and Geode Capital are predominantly passive index managers. Their position changes often track index rebalancing rather than discretionary buying.

Active managers Capital International, Capital World Investors, and Capital Research Global Investors collectively added more than $2.27B. Those moves indicate deliberate accumulation through the Q1 selloff.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights