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New 13F filings show Fidelity, Amundi and Fulcrum adding exposure to the Bitcoin-heavy software company

Tue 10 Nov 2026 · 12:50 EST · 3 min read

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Fidelity tripled its position in Strategy shares to $156 million in the third quarter. That puts one of the biggest names in asset management deeper into the most famous Bitcoin proxy on the stock market.

Fidelity is not the only one moving. Quarterly filings show several institutional investors adding Strategy shares in the same window.

The numbers behind the move

Fidelity’s Strategy holding was worth approximately $38.2 million at the end of the second quarter. By the end of the third quarter, it had reached $156 million.

The disclosures come from 13F filings. These are the quarterly reports institutional managers file to show what stocks they hold.

Amundi, the large European asset manager, also leaned in. It raised its Strategy stake by about 44% to approximately $291.4 million at the close of the third quarter.

That makes Amundi’s position bigger than Fidelity’s in dollar terms. Fidelity’s percentage jump is the more dramatic one.

Smaller firms showed up too. Fulcrum Asset Management reported 54,876 Strategy shares, worth about $8.5 million.

One caveat applies to all of these figures. A position’s dollar value can rise because a fund bought more shares, because the stock price climbed, or both. The headline dollar amounts alone do not separate the two.

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Why Strategy draws this kind of money

Strategy Inc., formerly known as MicroStrategy, trades on the Nasdaq under the ticker MSTR. On paper, it is an enterprise software company.

In practice, it is better known for its enormous corporate Bitcoin treasury. The company held around 848,517 BTC at the end of the third quarter.

That stockpile drives the financials. Strategy reported third-quarter net income of approximately $19.5 billion, largely because of fair-value gains on its Bitcoin holdings.

Fair-value accounting means the company marks its Bitcoin to current market prices each reporting period. When Bitcoin rises, the paper gain flows into earnings. When it falls, the paper loss does too.

So a $19.5 billion profit is a real accounting figure, but it mostly reflects Bitcoin’s price moves rather than software sales.

Reading the institutional tea leaves

For a fund manager, Strategy offers something specific. It provides Bitcoin exposure through a regular listed equity that fits inside existing mandates, custody setups, and compliance rules.

The third point concerns what Fidelity’s move signals versus what it proves. A larger position from a major asset manager shows comfort with the exposure. It does not reveal whether the holding sits in an actively managed fund making a conviction call or in a product that simply tracks an index MSTR belongs to.

Those are very different stories. One says a portfolio manager believes in the thesis. The other says the stock got big enough to show up automatically.

The filings disclosed so far do not settle that question. The direction, though, is consistent across Fidelity, Amundi and Fulcrum: more money flowing toward a company whose fortunes rise and fall with Bitcoin.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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