Vanguard, BlackRock, Capital Added $4.6B to MSTR in Q1

Thirteen of Strategy’s top 15 institutional holders increased their MSTR positions by a combined $4.6 billion, or about 27%, during the first quarter of 2026, according to Form 13F filings for the period. Strategy CEO Phong Le posted the 13F data on social media.

Capital International made the largest single addition, raising its stake by about $1.92 billion. Vanguard’s Portfolio and Capital Management entities together added roughly $967 million. BlackRock Institutional Trust increased its holding by about $377 million. Defiance ETFs opened a new position of roughly $511 million, ranking it 14th among the top shareholders.

Only Morgan Stanley Investment Management trimmed its stake among the top holders, reducing exposure by about $7 million. Norges Bank Investment Management held its position steady at $626 million.

The accumulation came as Bitcoin fell more than 22% in Q1 and Strategy’s stock declined roughly 18% over the same quarter. After a partial recovery in Bitcoin prices, Strategy’s shares are up more than 9% year-to-date.

Passive, index-linked firms such as Vanguard, BlackRock, State Street and Geode Capital often change holdings because of index rebalancing or automated flows. Active managers Capital International, Capital World Investors and Capital Research Global Investors together added more than $2.27 billion during the quarter.

Form 13F filings report holdings as of the end of the quarter and provide a snapshot of which large investment firms increased or decreased exposure to MSTR during the drawdown. Strategy, which rebranded from MicroStrategy, remains monitored by investors for the correlation between its stock and movements in the price of Bitcoin.