Is MSTR stock a buy or a sell? | Credit: Jason Koerner/Getty Images for Bitcoin Magazine.
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Key Takeaways
Major funds, including Growth Fund of America, Vanguard, and Invesco QQQ Trust, control sizeable stakes in Strategy stock.
VanEck recently predicted that bitcoin could see a new all-time high in 2026.
Strategy’s total holdings have grown to 639,835 BTC, acquired for approximately $47.33 billion.
MicroStrategy’s transformation into a Bitcoin-heavy holding company has transformed it into one of Wall Street’s most debated stocks.
Rebranded as “Strategy”, the company has caught the attention of major institutions.
After MSTR wasn’t selected to join the S&P 500 index, investors ask the critical question: Is Strategy a buy or a sell?
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MSTR Institutional Ownership: Who Holds the Biggest Stakes?
Institutional investors remain the backbone of MicroStrategy’s shareholder base.
According to the latest Yahoo Finance filings, as of June 30, 2025, here are the top holders:
Growth Fund of America
The largest single holder, with 10.34 million shares (3.92% of total outstanding).
Vanguard Total Stock Market Index Fund
Holds 8.16 million shares (3.09%).
Invesco QQQ Trust, Series 1
Owns 5.24 million shares (1.98%).
American Funds Fundamental Investors
Holds 4.26 million shares (1.61%).
Vanguard Extended Market Index Fund
Owns 3.92 million shares (1.49%).
Vanguard Growth Index Fund
Holds 2.72 million shares (1.03%).
American Funds Insurance Series
Manages 1.51 million shares (0.57%).
Entity
Top Vehicles
Shares
% Stake
Vanguard Group
VTSAX, VEXAX, VIGAX, VGT
18.54M
7.02%
Capital International Investors
–
14.63M
5.54%
BlackRock Group
IWV, IWM, IWO, ITOT, IGM, IGV
14.19M
5.38%
Morgan Stanley
GLCIX, MSEQX
9.2M
3.48%
Clear Street
–
5.97M
2.26%
State Street
HECO, ZPRC
5.48M
2.08%
Cantor Fitzgerald
–
4.42M
1.67%
Geode Capital Management
FSMAX, FSEMX, FSKAX
3.52M
1.33%
JPMorgan Chase
Fund III ICVC, SICAV, various ETFs
3.15M
1.19%
Capital Research Global Investors
RFNFX, ANCFX
3.15M
1.19%
Bitcoin Treasury Update: Strategy Adds More BTC
On September 22, Strategy continued to expand its role as the world’s largest corporate Bitcoin holder, purchasing 850 BTC for approximately $99.7 million at an average price of $117,344 per coin.
The company has achieved a 26.0% Bitcoin yield year-to-date, underscoring the effectiveness of its accumulation strategy.
Strategy has acquired 850 BTC for ~$99.7 million at ~$117,344 per bitcoin and has achieved BTC Yield of 26.0% YTD 2025. As of 9/21/2025, we hodl 639,835 $BTC acquired for ~$47.33 billion at ~$73,971 per bitcoin. $MSTR$STRC$STRK$STRF$STRDhttps://t.co/rG5pvryeYL
As of September 21, 2025, Strategy’s total holdings have grown to 639,835 BTC, acquired for around $47.33 billion at an average cost of $73,971 per coin.
This aggressive expansion highlights the company’s unwavering commitment to its Bitcoin-first thesis, further binding its valuation to the performance of the cryptocurrency.
Bitcoin Outlook: VanEck Sees Potential ATH in 2026
The future of Strategy remains closely tied to Bitcoin’s trajectory.
In an interview on The Paul Barron Show, Matthew Sigel, Head of Digital Assets Research at VanEck, recently reiterated his confidence in Bitcoin’s traditional four-year cycle.
He explained that historical rallies often peak twelve to eighteen months after a halving, which positions late 2025 through 2026 as a potential window for record-breaking highs.
While VanEck stopped short of issuing an explicit price target, the firm suggested that a new Bitcoin all-time high in 2026 remains plausible.
This perspective aligns with Strategy’s aggressive Bitcoin positioning, which could deliver substantial upside if the cryptocurrency once again follows its established historical pattern.
Strategy Stock: A Buy or Sell?
Shares in Strategy have trended lower in recent weeks after touching a summer peak of $456 in July.
The pullback has left the stock in what some analysts view as “oversold” territory.
For those with patience and risk tolerance, that may be creating an entry point.
While Strategy missed a spot in the S&P 500, it remains a strong contender for inclusion.
“A potential S&P 500 inclusion, still not priced in in my opinion, could act as a powerful catalyst,” he added. “With signs of a bottom forming, MSTR may be ready for a reversal toward higher highs.”
Robinhood and AppLovin Join S&P 500 Index
With Strategy’s market capitalization ballooning to over $93 billion, the Bitcoin treasury company was slated for inclusion in the S&P 500 during the benchmark index’s latest quarterly rebalancing.
To be eligible to join the index, companies need to have a market capitalization of at least $22.7 billion and satisfy certain profitability and liquidity requirements.
But although Strategy technically meets the criteria for inclusion in the index, S&P ultimately passed it over, with new spots on the index going to AppLovin, Robinhood and Emcor instead.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
