Europe’s largest asset manager, Amundi, has sharply increased its exposure to Bitcoin-linked equities. According to its latest Q4 2025 regulatory filing, the French giant added roughly 3.77 million shares of Strategy (MSTR). That lifted its total position to about 4.79 million shares. The stake is now valued near $641 million. The disclosure surfaced in late February 2026. It signals a major vote of confidence in the Bitcoin treasury play. The move also shows growing institutional appetite for indirect crypto exposure through public equities.
Details of the Amundi Stake Increase
The scale of the increase stands out. Amundi expanded its Strategy position by roughly 373% quarter over quarter. Previously, the firm held a much smaller allocation. That makes this one of its most aggressive crypto adjacent equity moves to date. The filing covers the quarter ending December 31, 2025.
JUST IN: $2.8 trillion French asset manager Amundi just disclosed they bought 3.77 million more #Bitcoin treasury company Strategy $MSTR shares and now holds a total of 4.79 million shares ($641 million).
Europe’s largest asset manager increased its $MSTR position by 373% 👀🔥 pic.twitter.com/ZFUNOF0vjt
— BitcoinTreasuries.NET (@BTCtreasuries) February 27, 2026
But markets only saw the update in February 2026. Based on quarter-end pricing, the total stake sits around $641 million. Though the exact value may fluctuate with MSTR’s share price. This is not Amundi’s first move into Strategy. The firm had been gradually building exposure through 2025. Still, the latest jump shows a clear step change. It suggests a stronger conviction rather than passive portfolio drift.
Why Strategy Remains a Bitcoin Proxy
Strategy has evolved far beyond its original business intelligence roots. Under executive chairman Michael Saylor, the company has become the largest corporate holder of Bitcoin. Its balance sheet now holds hundreds of thousands of $BTC. This makes the stock highly sensitive to Bitcoin price movements. Because of this structure, many institutions treat MSTR as a proxy for Bitcoin exposure.
This is especially relevant in regions where direct crypto allocations face operational or regulatory friction. Public equities remain easier for many traditional funds to hold. Liquidity also plays a role. Strategy trades actively on U.S. markets, which makes position sizing and risk management simpler for large asset managers. As a result, institutions often use MSTR to express long-term $BTC. That views without holding the asset directly.
Institutional Trend Gains Momentum
Amundi’s move fits a broader pattern. Large global investors have steadily increased exposure to Bitcoin-linked vehicles over the past year. Improving regulatory clarity and stronger market infrastructure have helped reduce earlier concerns. The timing is also notable. Strategy shares have seen periods of sharp volatility following their massive 2025 rally.
By increasing its stake now, Amundi appears to be buying into weakness rather than chasing highs. This behavior often signals longer-term positioning. Rather than short-term trading. It also reinforces the narrative that $BTC-linked equities are becoming mainstream portfolio components for major asset managers.
Outlook and Market Implications
Early market reaction has been constructive. With investors viewing the filing as another sign of deepening institutional involvement in the Bitcoin ecosystem. Still, risks remain. Strategy’s equity performance is tightly linked to Bitcoin’s price swings. While the company’s ongoing capital strategy can introduce dilution concerns. Even so, the Amundi disclosure sends a clear message. Traditional finance heavyweights are becoming more comfortable with Bitcoin exposure. Even if they prefer equity wrappers for now.
