Amundi lifts Strategy stake 44% to $291 million in Q3

Amundi, described by the firm as Europe’s largest asset manager, increased its position in Strategy (MSTR) by roughly 44% during the third quarter, according to Bitcoin Magazine. A Form 13F filed with the SEC on Nov. 6 shows the Paris-based manager held 1,903,725 Strategy shares, worth $291.4 million at Sept. 30 prices.

Three months earlier, Amundi reported 1,324,053 shares valued at about $115.1 million. The difference is an addition of 579,672 shares, and the dollar value climbed faster than the share count because MSTR roughly doubled over the quarter: the June filing implied $86.93 a share against a $153.09 close on Sept. 30.

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A 13F snapshot, not a trading log

There is a caveat to reading the increase as a concentrated bet on bitcoin. Amundi filed a combination report that folds in 17 other managers across the group, so the Strategy line can include client, fund and discretionary positions. The firm may also have changed the holding since Sept. 30, and a 13F captures a single point in time. Barclays’ IBIT line carries the same limitation: a 13F gathers client, managed and trading-book positions rather than proof the bank committed its own capital.

The two reports also diverge on how to frame the purchase. Crypto Briefing reported Amundi added 584,053 shares worth $72.3 million, a 43.7% jump, and put the resulting stake at $238.3 million — figures tied to the latest market price rather than the Sept. 30 mark. It also noted that Amundi boosted its Strategy position by 373% in the fourth quarter of 2025, and pegged the firm’s assets at approximately $2.9 trillion. Bitcoin Magazine gives the quarter-end valuation of $291.4 million.

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Price slide compresses the mark

Since quarter-end, MSTR has followed bitcoin lower. The stock closed at $153.09 on Sept. 30 and traded near $126 on Monday, an 18% drop that would put Amundi’s share count at about $239 million — around $52 million below the quarter-end mark. Bitcoin has slipped into the mid-$70,000s.

Strategy has kept accumulating through the decline. The company’s latest purchase averaged $79,012 per coin. Its treasury was acquired for $64.16 billion at an average of $75,456, an average cost now above spot and leaving the stack underwater on paper. The holding represents roughly 4% of bitcoin’s 21 million supply cap.

The timing matters because Strategy funds much of its buying by issuing new MSTR common stock under an at-the-market program. A lower share price means more dilution per coin acquired, a dynamic that has shaped the stock’s moves this year.

Why it matters

Strategy has become a common route for institutions that want bitcoin exposure inside conventional equity mandates, avoiding the custody and compliance questions that direct holdings can raise. Q3 filings suggest large European names kept adding such exposure even as the spot market cooled into the autumn, which tells readers where institutional demand is being expressed even when prices fall.

What to watch

The next round of 13F filings will show whether Amundi held, added to or trimmed the position through October’s slide. Strategy’s own disclosures on further bitcoin purchases and share issuance will also indicate how the weaker stock price affects the pace of its buying. This article is not financial advice, and cryptocurrency and equity markets are volatile and uncertain.

Sources: Bitcoin Magazine, Crypto Briefing