Amundi’s Strategic Investment in Bitcoin-Related Stocks
Amundi, a prominent asset management firm managing approximately $2.8 trillion in assets, has taken advantage of recent market fluctuations to significantly increase its investment in Bitcoin-related stocks. Throughout the last quarter of 2025, the company boosted its holdings in Strategy, a vehicle largely focused on Bitcoin investments, from approximately 1.01 million shares to nearly 4.79 million shares by the close of the year.
Details of the Acquisition
This adjustment, detailed in a regulatory filing from mid-February 2026, indicates that Amundi acquired around 3.77 million new shares in just a few months, with these holdings valued at around $728 million at the end of December, despite later revisions bringing the value closer to $641 million.
Shift in Investment Strategy
While Amundi has been gradually building its position in Bitcoin-linked equities over the course of 2025, this latest acquisition represents a notable shift in its investment strategy. The firm appears to be shifting its focus towards enhancing its exposure in this segment, notably during a period when Strategy continues to face substantial unrealized losses totaling over $9.5 billion.
Michael Saylor leads Strategy, which as of early 2026 owns more than 717,722 Bitcoin—a stash valued at roughly $49 billion, given the cryptocurrency’s average purchase price of about $76,000. This pricing indicates that Bitcoin would need to rise approximately 15% for the company to recover its investment.
Institutional Interest in Strategy
The appeal of investing in Strategy for various institutional investors lies in its capacity to act as a liquid proxy for Bitcoin exposure. With operational challenges still surrounding direct cryptocurrency investments, many firms find trading equities to be a more manageable alternative. Strategy shares are actively traded on U.S. exchanges, making it easier for large funds to accumulate positions without the complexities typically associated with cryptocurrency investments.
Market Performance and Short Selling
In the current trading environment, Strategy’s stock recently tested a crucial support level at $119 but ended the day at $129.54, following a drop of 2.50%. This particular price point is viewed by market participants as critical; a breach could lead to further declines.
Additionally, according to data from Goldman Sachs and FactSet, Strategy has become a heavily shorted large-cap equity, with short interest hitting 14% of its market value—almost twice the typical rate for comparable stocks. Recently, hedge funds, including Citadel, Millennium, and Balyasny, have sold over 32.38 million shares short, contributing to increased downward pressure during weaker price periods.
Growing Interest Amidst Market Fluctuations
Despite this, some institutional investors have taken the opportunity to enhance their holdings in Strategy during these fluctuations. Notably, Jane Street, another prominent firm, has reported a 473% increase in their Strategy shares, raising their total to approximately 951,000 shares valued at $121 million. This trend signifies a growing interest in Bitcoin-linked investments, especially as more firms navigate the current market landscape.
