Invesco increases Strategy position by 42% to $862M

Invesco, one of the world’s largest independent asset managers, has boosted its stake in Strategy Inc. by 42%. The position is now valued at roughly $862 million, making Invesco one of the more significant institutional holders of the company formerly known as MicroStrategy.

The disclosure, surfaced through standard 13F filings, shows Invesco held 8.72 million shares of MSTR as of March 31, 2026. That translates to approximately 2.39% ownership of the entire company.

What Invesco is really buying

On paper, Strategy Inc. is a business intelligence software company. In practice, it’s the closest thing public equity markets have to a leveraged Bitcoin ETF with a corporate charter.

Strategy held 818,334 BTC as of early May 2026, a figure that climbed to 843,775 BTC in its most recent Q2 earnings report. That makes it, by a wide margin, the largest corporate holder of Bitcoin among publicly traded companies. The firm’s entire investment thesis has been reorganized around accumulating Bitcoin on its balance sheet, funded through a mix of equity issuance, convertible debt, and operating cash flow.

Why institutional 13F filings matter

13F filings are the quarterly snapshots that institutional investment managers with over $100 million in assets are required to submit to the SEC. They’re inherently backward-looking, capturing positions as of quarter-end, which means Invesco’s actual current exposure could be higher or lower than what the March 31 data shows.

Invesco has not issued any public commentary on the rationale behind the increased allocation.

The broader institutional picture

MSTR’s stock price has been notably volatile, largely tracking Bitcoin’s own price swings but with amplified magnitude.

The company’s Bitcoin treasury now represents over 843,000 BTC as of the latest reporting period. To put that in perspective, that’s roughly 4% of Bitcoin’s total circulating supply sitting on one company’s balance sheet.

The development also raises questions about how traditional asset managers are thinking about Bitcoin allocation in the current environment. Some institutions have opted for direct spot Bitcoin ETF exposure, while others clearly prefer the equity route through companies like Strategy. Invesco’s choice to increase MSTR exposure suggests the firm sees value in Strategy’s specific approach to Bitcoin accumulation, including its use of leverage and convertible debt to amplify returns.

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