Susquehanna doubles stake in Strategy to $232M

Susquehanna International Group, one of the largest quantitative trading firms on the planet, has roughly doubled its equity position in Strategy Inc. to a stake now worth $232 million. The move puts SIG among the most prominent institutional backers of the company formerly known as MicroStrategy, which has become Wall Street’s de facto Bitcoin proxy.

SIG’s 13F filing, dated May 15, 2026, disclosed ownership of 1,282,636 shares of Strategy Inc. valued at approximately $160 million as of March 31. The current $232 million valuation reflects either additional share purchases since the filing cutoff date, subsequent price appreciation, or both.

Part of a much bigger wave

SIG isn’t acting alone. Institutional investors collectively boosted their MSTR positions by roughly $4.6 billion during the first quarter of 2026, a 27% jump based on aggregated 13F data.

The pattern from SIG has been building for a while. In early 2025, the firm was actively accumulating MSTR shares while simultaneously trimming positions in companies like Super Micro Computer.

Strategy’s Bitcoin playbook keeps humming

Strategy Inc., led by Executive Chairman Michael Saylor, has spent years perfecting a simple but audacious corporate strategy: use every available financial lever to accumulate more Bitcoin. The company sells stock, issues convertible notes, and deploys the proceeds into BTC.

In December 2025 alone, Strategy sold $748 million worth of common stock in a single week to bolster its cash reserves while maintaining its Bitcoin stockpile.

What SIG’s bet signals for the market

SIG hasn’t publicly explained why it doubled its position, which is standard practice for quantitative firms that guard their models like state secrets. The first quarter of 2026 saw broad institutional appetite for Bitcoin-adjacent equities, suggesting that large allocators view current price levels as attractive entry points or that their models identify favorable risk-reward dynamics at this stage of the cycle.

Strategy remains the dominant publicly traded Bitcoin treasury company, but it’s not the only one anymore. Several firms have adopted similar models, though none at comparable scale. SIG’s decision to concentrate its bet on Strategy rather than diversify across smaller competitors suggests confidence in the market leader’s execution and liquidity profile.

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