MicroStrategy, Robinhood Top Holdings in $4.5B Large-Cap ETF

MicroStrategy and Robinhood were the largest positions in the Fundstrat Granny Shots US Large Cap ETF (ticker: GRNY), accounting for about 3.02% and 2.99% of the fund respectively in a Sept. 4 holdings snapshot. The ETF reported $4.533 billion in assets and 42 holdings as of Sept. 3. GRNY is an actively managed U.S. large-cap equity fund and does not hold Bitcoin.

The fund applied an equal-weight reset on Aug. 21 that targeted roughly 2.38% per holding. MicroStrategy and Robinhood were already in the portfolio and remained after the rebalance. The reset added Freeport-McMoRan, Intel, Lockheed Martin, Micron Technology, SiriusPoint and Vertiv and removed Air Products and Chemicals, American Express, Broadcom, Meta Platforms, Northrop Grumman, PNC Financial Services and Texas Pacific Land.

MicroStrategy’s share price rose from a $119.25 close on Aug. 21 to $144.82 on Sept. 3, a gain of about 21.4%. Fund figures show $334.82 million of net creations for GRNY on Aug. 20, one day before the reset, but available records do not identify which specific securities the inflows purchased. The public filings do not separate how much of MicroStrategy’s current weight is attributable to purchases, fund creations or price appreciation.

MicroStrategy reported holding 845,050 Bitcoin as of Aug. 30. Changes in Bitcoin’s market value therefore affect the company’s balance sheet and can influence its stock price. MicroStrategy’s market value can also reflect its software business, financing arrangements and investor views of its treasury strategy.

Robinhood’s connection to crypto is through trading activity. The company reported $100 million in crypto transaction revenue in the second quarter within total revenue of $1.31 billion. Crypto trading is one revenue stream among equities, options and interest income, so its sensitivity to crypto markets is linked to trading volume and customer activity.

The combined weight of MicroStrategy and Robinhood in GRNY was about 6.01% on the Sept. 4 snapshot. That exposure comes through the two companies’ business models and balance sheets rather than through direct holdings of digital assets.

A June SEC filing lists Tom Lee and Ken Xuan as jointly and primarily responsible for day-to-day securities management of GRNY, with Qiao Duan and Stephen Foy responsible for trading and execution. The filings and public data do not disclose every trade or show the precise sources of recent position changes.

A spot-Bitcoin ETF holds Bitcoin directly and seeks to track its price. GRNY holds operating-company stocks selected by an active manager, so its net asset value reflects equity-market moves, company performance and any crypto-linked effects those companies carry on their books or through their operations.

On Sept. 4, after an equal-weight rebalance and a rally in MicroStrategy shares, the fund’s two largest positions were companies with exposure to crypto markets. Determining whether similar patterns appear across other active equity funds would require comparable holdings and flow data from those funds over time.