Amundi, recognized as Europe”s largest asset manager with assets exceeding 2.3 trillion euros, has significantly increased its stake in Strategy by 373% during the fourth quarter of 2025. This development, revealed in regulatory filings disclosed in late February 2026, elevates Amundi”s total holdings to approximately 4.79 million shares, valued at around $641 million.
The scale of Amundi”s acquisition reflects a strategic and calculated approach rather than a passive adjustment. In the third quarter of 2025, the firm held a mere 1.02 million shares of MSTR, valued at about $140 million. By the conclusion of Q4 2025, the position surged to 4.79 million shares, indicating a substantial purchase of approximately 3.77 million shares within just three months.
A 373% increase from a major institutional player managing €2.8 trillion in assets signifies a well-thought-out investment strategy, requiring multiple levels of internal validation and a robust investment thesis. This move indicates a strong conviction in the underlying asset, suggesting a proactive stance towards market opportunities.
So, why has Amundi chosen to invest specifically in Strategy? As of early 2026, Strategy has accumulated over 717,000 BTC, representing a position valued at around $49 billion. For institutional investors eager to gain exposure to Bitcoin”s price fluctuations but constrained by regulatory or compliance mandates regarding direct crypto holdings, MSTR serves as a regulated, publicly traded proxy. With its listing on the NASDAQ and compliance with SEC regulations, MSTR offers a familiar equity structure around a substantial Bitcoin treasury.
The decision to acquire MSTR shares comes despite the stock trading lower than its late-2024 peaks, indicating that Amundi is not merely chasing momentum but rather strategically building a significant position at a more favorable cost during a broader market downturn.
Additionally, this regulatory filing is not an isolated indication of Amundi”s directional shift. The firm”s Smart Overnight Return UCITS ETF reportedly expanded its own MSTR exposure by 1,600% in January 2026. This dramatic increase across different investment vehicles suggests a coordinated internal strategy rather than a singular decision by an individual portfolio manager.
The substantial uptick in MSTR exposure, alongside the direct equity stake increase, underscores a decisive internal pivot within Amundi regarding Bitcoin-related equities. A senior-level decision within Amundi has evidently been made to aggressively size this investment, indicating a shift towards greater institutional engagement with Bitcoin.
Amundi”s actions come at a pivotal moment, as the broader institutional narrative surrounding Bitcoin transitions from a phase of exploration to one of structural commitment. This $641 million allocation represents a significant investment from one of Europe”s most conservative asset management firms, signaling a confidence in the asset class amidst market fluctuations.
Investing below late-2024 highs suggests that large institutional players like Amundi are viewing the current price environment as an entry opportunity rather than a reason for caution. The implications of this strategy will unfold in the coming quarters as the market dynamics continue to evolve.
