Amundi, Europe’s largest asset manager, increased its stake in Strategy (MSTR) by approximately 44% during the third quarter, according to a Form 13F filed November 6, bringing the position to 1,903,725 shares valued at $291.4 million based on September 30 pricing.
This represents an increase of 579,672 shares from the 1,324,053 held at June 30, when the position was valued at approximately $115.1 million. At the end of September, Amundi managed €2.579 trillion in assets, an 11% increase year-over-year, and identified itself as Europe’s leading asset manager.
The filing coincides with MSTR paring much of its third-quarter gains. Strategy shares closed at $153.09 on September 30 and near $126 shortly thereafter, an 18% decline that would value Amundi’s disclosed stake at approximately $239 million at the latest close, according to Yahoo Finance data.
A 13F filing represents a snapshot rather than a trading diary. Amundi’s report combines holdings across 17 affiliated managers, meaning the Strategy position may include client, fund, and discretionary allocations rather than a single proprietary bet, and the holding may have adjusted since September 30.
Strategy Continues Bitcoin Accumulation Amid Share Price Drop
Strategy continued accumulating bitcoin. The company purchased an additional 1,036 BTC last week at an average price of $79,012, totaling $81.9 million, according to a Monday 8-K filing and company release. This lifted its total treasury to 850,364 BTC, acquired at an average cost of $75,456, representing $64.16 billion in aggregate value.
The average acquisition cost now exceeds the spot bitcoin price, placing the holdings underwater on paper—even after the firm added 811 BTC the prior week. Strategy’s public ledger still designates it as the largest corporate bitcoin holder, with the stack representing approximately 4% of bitcoin’s 21 million supply cap.
MSTR approximately doubled during the third quarter. The June 30 13F implied a value of $86.93 per share, compared to the $153.09 September 30 close, meaning the position’s dollar value grew faster than the share count. Since then, the stock has tracked bitcoin’s decline into the mid-$70,000s, erasing much of that mark-to-market gain for holders of the September 30 position.
Banks Add Bitcoin Proxies in Q3
Amundi was not the only European major increasing bitcoin exposure during the quarter. Barclays’ own 13F, filed November 6, reveals 3,942,900 shares of BlackRock’s iShares Bitcoin Trust (IBIT) valued at $186.7 million at September 30, representing a 48% increase from 2,658,147 shares held three months earlier, according to SEC records.
The same applies to Barclays’ filing: a 13F aggregates client, managed, and trading book positions, and does not indicate the bank deployed its own capital into bitcoin. Nevertheless, the two filings together illustrate the same Q3 trend—traditional European managers continued increasing bitcoin proxy exposure even as the spot market cooled into the fall.
Institutional additions contrast with a weaker market since quarter-end. Bitcoin has retreated into the mid-$70,000s, Strategy stock has followed suit, and the value of Amundi’s disclosed MSTR stake has compressed despite the share count remaining fixed. At Monday’s close, the disclosed stake was approximately $52 million below its September 30 valuation.
Whether Amundi increased, reduced, or maintained its position through October’s decline will not appear until the next 13F filing. For now, the November 6 report stands as the record from Europe’s largest asset manager: nearly 1.9 million Strategy shares, up 44%, valued at $291 million at quarter-end.
