Amid market turbulence, the "leader of BTC treasury companies" $Strategy (MSTR.US)$ continues to see a decline in its stock price. Despite the company's recent announcement of establishing a dividend reserve fund of $1.44 billion to support dividend payouts and interest payments, it failed to restore market confidence—coupled with previous reports of a potential exclusion from the MSCI index, its stock price plummeted nearly 10% at one point.

However, in terms of shareholder composition, Strategy still garners favor from some long-term capital, including institutions such as Deutsche Bank, which manages assets worth $1.6 trillion.

Strategy (MSTR) Shareholder Composition Unveiled: Public Companies and Retail Investors Account for Nearly 50%

According to information from the Investing website, as of the end of Q3 this year, holders of Strategy's common stock primarily consist of mutual funds and ETFs, institutional investors, public companies, and retail investors, with the following breakdown:

· Mutual funds and ETFs 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 approximately 287 million shares outstanding, with a total market value of around $52.1 billion.

Among institutional investors, Strategy's shareholders include globally renowned firms such as Vanguard Group, Blackrock, Morgan Stanley, and UBS Asset Management.

Among mutual funds, the shareholder list of Strategy remains highly impressive, with the top positions occupied by well-known funds in the industry.

Next, aside from conventional asset management institutions, we will focus on introducing some particularly representative shareholders to provide a better understanding of the many "mysterious shareholders" behind Strategy, hailed as the "first BTC concept stock" and the "pioneer of the DAT trend."

National and large banks: The "hidden tycoons" of Strategy's stock holdings

Among Strategy’s shareholder roster, one of the most distinctive groups is undoubtedly the central banks of various sovereign nations and large banking institutions. Although the main reasons for central banks holding Strategy shares often revolve around diversifying investment strategies or indirectly increasing exposure to BTC assets, their holdings are an undeniable fact and represent the most direct form of "voting with their feet."

According to information from the Stockzoa website, as of the end of Q3, the following central banks and large banks held shares of Strategy:

In addition to the aforementioned banks, some central banks exited their positions in Strategy shares after briefly holding them due to market fluctuations or their own asset allocation needs. For example, Norway’s Central Bank initially held approximately USD 500 million worth of MSTR shares at the beginning of the year and continuously increased its holdings, reaching about 2.98 million MSTR shares, but eventually liquidated its entire position in Q2 this year, with a total value of approximately USD 1.2 billion and an estimated unrealized loss of USD 200 million. Saudi Arabia’s central bank (the Saudi Arabian Monetary Authority) also disclosed holding 25,600 MSTR shares, gaining indirect exposure to BTC assets, but it may have since divested its position.

Pension and endowment funds: Promising players among Strategy's Q3 shareholders

Aside from banking institutions, pension funds and endowment funds are also among the "main forces" of Strategy's shareholders. Moreover, given their substantial capital, they might still be key to further increases in Strategy's shareholding.

Similarly, according to information from the Stockzoa website, as of the end of Q3 (compared to Q2), the following pension and endowment funds held shares of Strategy (compiled by Grok):

These mainly include national pension funds, state-level pension foundations, industry-specific foundations, and the Canada Pension Plan, among other institutional organizations.

Hedge Funds: The "Shark-like Predators" Among Strategy Shareholders?

Among Strategy shareholders, hedge funds are perhaps the most astute and market-sensitive institutions. Hence, in Q3, while most hedge funds chose to increase their holdings of MSTR stock, crypto brokerage firms like Cantor Fitzgerald, L.P., and veteran hedge funds such as Weiss Asset Management LP opted to reduce their positions.

According to information from the Stockzoa website, as of the end of Q3 (compared to Q2), the following data pertains to hedge funds holding shares of Strategy (compiled via Grok):

Analyzing Strategy Shareholder Changes from a Data Perspective: Institutional Investors Remain Dominant, with Buying Significantly Outpacing Selling

Beyond the aforementioned group classification perspective, insights into hidden trends can also be gleaned from changes in Strategy's institutional shareholder data.

Strategy Stock Trading Volume Remains Relatively Balanced, Far Below Historical Peaks

According to Marketbeat data, Strategy stock trading reached a record high of 7.82 billion shares sold and 2.11 billion shares bought in Q4 2024, resulting in a sell-to-buy ratio of nearly 1:4. In contrast, these figures dropped to 2.64 billion shares sold and 2.07 billion shares bought in Q3 this year, yielding a sell-to-buy ratio of approximately 1:1.25, indicating relatively balanced trading activity. This suggests that Strategy stock has not entered a so-called "panic selling phase" but remains within normal volatility.

Behind Institutional Holdings Data: Buying Institutions Hold Twice the Shares of Selling Institutions

According to Nasdaq data, institutional holdings of Strategy stock currently account for approximately 55.84% of total shares, with a total of 1,293 institutional holders. Among them, 646 institutions increased their holdings, 505 reduced their positions, and 142 maintained their positions unchanged.

Furthermore, the number of shares purchased by buying institutions is about twice the number of shares sold by selling institutions (30.51 million shares vs. 16.26 million shares). This indicates that the market is effectively absorbing the buy-side demand for Strategy stock. Additionally, more institutions chose to maintain their positions, with such holdings amounting to 102 million shares, accounting for approximately two-thirds of institutional ownership, indirectly reflecting institutional investors' confidence in Strategy's future prospects.

Based on the above information, despite the significant decline in stock prices, there has been no noticeable deterioration in the fundamental position of Strategy's holdings or the institutional ownership structure. As the market gradually recovers, there may be potential for a rebound and the emergence of a new upward trend.

Editor/Joryn