Institutional Investors Accumulate Strategy Inc. Shares Amid Crypto Downturn

Strategy US5949724083

While the share price of Strategy Inc. hits fresh lows, a notable divergence is emerging: major institutional players are increasing their stakes. The Florida State Pension Fund is the latest to expand its position in the company, formerly known as MicroStrategy, capitalizing on a significant price decline within a beleaguered crypto sector.

Market filings reveal that the Florida Pension Fund has been adding to its holdings of Strategy Inc. This move aligns with a broader pattern where U.S. public investment vehicles use equity positions to gain indirect exposure to Bitcoin. Data indicates that institutional ownership of Strategy has reached a yearly peak, suggesting large asset managers view the current weakness as a buying opportunity.

This accumulation stands in stark contrast to the stock's performance. Strategy shares recently touched a new 52-week low of $155.61. This represents a dramatic fall of approximately 66% from its 52-week high above $450. The decline mirrors a correction in Bitcoin, which has retreated from its October peak of $126,000 to around $88,000.

A Pivotal Shift in Corporate Strategy

Adding complexity to the narrative is a fundamental change in the company's approach. Strategy Inc., which completed its rebrand from MicroStrategy in August 2025, has halted its previously aggressive Bitcoin acquisition program. Instead, management is prioritizing liquidity—a decisive break from recent years where free cash was consistently deployed into digital assets.

Key elements of this new direction include:

• Capital Raising: In the week ending December 21, Strategy raised approximately $748 million through equity sales and did not use the proceeds to purchase Bitcoin.
• Strengthening the Balance Sheet: The company's liquid U.S. dollar reserves now stand at about $2.19 billion. These funds are earmarked to secure dividend payments on preferred stock and service debt obligations.
• Technical Perspective: Despite the bearish price action, some analysts point to a potential "bullish divergence" in technical indicators like the Relative Strength Index (RSI), which may signal waning selling pressure.

A Bitcoin Proxy Under Scrutiny

Historically, Strategy stock traded at a premium to its net asset value (NAV), serving as a liquid proxy for Bitcoin investment. The year 2025 has challenged this dynamic, with shares down nearly 50% year-to-date, significantly underperforming the broader technology sector.

While its correlation to Bitcoin's price remains strong, the historical NAV premium has contracted considerably. This is largely attributed to the decision to pause further expansion of its digital asset treasury. The rebranding to "Strategy Inc." was intended to signal a broader corporate focus beyond its core business intelligence operations. However, the market continues to primarily value the equity as a highly leveraged Bitcoin vehicle. The current valuation levels appear attractive to value-oriented investors like the Florida fund from a historical standpoint.

Outlook: Earnings and Key Price Levels

Attention now turns to the next quarterly report, scheduled for early February 2026. Investors will scrutinize management commentary for any signals regarding a potential resumption of Bitcoin purchases and for plans concerning the now-$2.2 billion liquidity reserve.

From a chart analysis perspective, the $155 area is viewed as critical support. A sustained break below this level could trigger further selling, while a recovery above $180 might indicate short-term stabilization. For now, the contrasting picture of falling prices and rising institutional ownership defines the story surrounding Strategy Inc. The Florida fund's investment is seen as an endorsement of the long-term thesis, even as short-term market sentiment in the crypto space is described as gripped by "extreme fear."