$2.8 trillion French asset manager Amundi used the latest Strategy pullback to expand its exposure to Bitcoin-linked equities. The firm made a large purchase during the fourth quarter of 2025 as Strategy moved toward a key technical area despite facing over $9.5 billion in unrealized losses. Amundi Expands Strategy’s MSTR Position Amundi increased its Strategy stake from about 1.01 million shares in the third quarter to nearly 4.79 million shares by year end. The filing, released in mid-February 2026, shows an addition of about 3.77 million to 3.78 million shares during the quarter. The enlarged position was valued at roughly $728 million at the end of December 2025, although later filings placed the value near $641 million. Amundi manages more than €2.3 trillion in assets, and this move stands among its largest entries into crypto-linked stocks. The firm had been adding shares during 2025, yet the Q4 purchase reflects a clear change in pace. The expansion shows a sharp pivot toward Bitcoin-linked equities while the company continues operating within a traditional asset management framework. Strategy as a Bitcoin Proxy for Large Funds Strategy continues to operate as a Bitcoin-heavy corporate vehicle under chairman Michael Saylor. By early 2026, the company held more than 717,722 Bitcoin worth around $49 billion at the time. Its average purchase price near $76,000 means Strategy needs about a 15% Bitcoin move to reach break-even. This structure has created a liquid equity proxy for Bitcoin exposure. Many institutions prefer listed equities when direct crypto access remains harder to manage. The stock trades actively across U.S. markets, so large funds can enter positions without operational barriers. These factors explain why Amundi and other institutional investors see Strategy as an accessible path into Bitcoin-linked exposure. Public markets also simplify risk controls for portfolios that still follow traditional mandates. MSTR Market Conditions During the Stake Increase Strategy stock has tested its $119 support level this week before closing at 129.54 today despite being down 2.50%. Market traders viewed this price zone as an important technical area, because losing it could open the path toward lower levels. At the same time, the stock became the most shorted large-cap equity based on data from Goldman Sachs and FactSet. Short interest reached 14% of market value, which is nearly twice the usual level for similar stocks. More than 32.38 million shares were sold short as hedge funds, including Citadel, Millennium, and Balyasny, built positions. Short pressure grew during periods of price weakness. Yet some institutional buyers increased their stakes during the same period. Moreover, Amundi is not the only firm with this plan of accumulating more MSTR. As we reported, Jane Street increased its Strategy exposure by 473% in the most recent filings, lifting its position to around 951,000 shares valued at $121 million.
