In the second quarter, Strategy’s 15 largest institutional shareholders increased their MSTR positions by a net $695 million, with total purchases reaching approximately $1.3 billion. Goldman Sachs, Capital International Investors and several BlackRock-related entities were among the top buyers. This accumulation occurred as the stock experienced one of its steepest declines of the year, falling from near $195 to $86.93 by late June. Since then, Strategy has shifted its capital allocation: the company has sold over $2 billion in MSTR and Bitcoin, repurchased roughly $347 million of its preferred stock STRC trading below par, and raised its cash reserve to $4.8 billion. Additionally, MSCI is considering excluding Strategy from its global equity indexes, which could create selling pressure equivalent to 4% of MSTR shares outstanding.
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