At a time when Bitcoin is sluggish, institutional giants are bucking the trend to grab these crypto concept stocks
Source: Daily Planet Daily
Author: Wenser
Original title: Crypto bear market, which crypto concept stocks are institutional giants making up positions?
The agency is scrambling for funding: the full list of leading stocks on each track is here!
Core ideas:
Despite the Bitcoin price fluctuation, crypto concept stocks did not perform well,
However, institutions such as Amundi, the largest asset management company in Europe, Pioneer Group, and State Street Group revealed strategies to increase their holdings against the trend through 13F documents in Q2 2025,
Crypto stocks such as Coinbase show that institutional capital is quietly laying out leading targets at its own pace, rather than the “collapse of institutional faith” as market rumors suggest.
Key elements:
1. France's Amundi increased 148% of Strategy shares to 1.32 million shares (worth US$127.7 million). Previously, Q1 cut its position by nearly 90%, which is a low base correction.
2. Funds under Pioneer Group increased their holdings of MSTR by about 610,000 shares in July, with total holdings exceeding 12.6 million shares, worth more than 1.2 billion US dollars;
State Street Group increased its holdings by 506,000 shares, bringing its total holdings to 7.52 million shares.
3. The pension fund signal is remarkable: the Michigan retirement system increased its holdings of MSTR by 141%,
The Louisiana and New Jersey pension funds simultaneously increased their positions, and conservative funds expanded their exposure to crypto assets.
4. Bitmine's entry into the Russell Index triggers forced purchases by passive funds such as BlackRock (holding 27.3 million shares) and State Street Fow, which is not actively judged;
Circle received an investment of US$131.8 million from the Norwegian Sovereign Fund and the opening of a position with the Swiss National Bank.
5. ARK Invest operates on frequent bands such as Coinbase, Block, and Circle,
For example, the purchase of 59,668 COIN shares (worth US$9.16 million) on August 7 reflects an active dipping strategy.
6. The shareholding ratio of Robinhood institutions exceeds 93%, and a large number of small and medium-sized pension funds have increased their positions sporadically.
It shows that it has entered the conservative fund regular allocation pool.
There is a 45-day disclosure delay in the 7.13F document. Agencies are flexible in adjusting positions, and retail investors should not follow orders directly.
However, the agency's judgment on the bottom of the market and the racetrack is more acute.
Recently, France's Amundi, the largest asset management company in Europe with an asset management scale of 2.9 trillion US dollars, disclosed that
Strategy increased its share share by 148% and currently holds 1.32 million shares worth $127.7 million.
Looking back at recent data, despite the constant fluctuation of BTC, the price performance of many crypto concept stocks was not impressive.
However, there are still quite a few institutions that have chosen to buck the trend and increase their holdings, waiting for the market to rebound to generate profits and revenue.
Today, claims about the “DAT model bankruptcy” and “the collapse of institutional cryptographic beliefs” are rampant.
However, the 13F document, which is mandatory to be disclosed by the US SEC every quarter, shows the truth about the time difference —
A group of investment institutions whose asset management scale can easily reach 100 billion or trillion US dollars,I am quietly adding positions at my own pace.
Strategy (MSTR): Asset management giants and public funds make up positions
MSTR has the most solid data in this round of institutional holdings growth. Buyers include various institutions such as asset management companies, large banks, and public funds.
The one mentioned at the beginning of the articleAmundiThe position of about 1.32 million shares was not the result of continuous one-sided purchases.
At one point, it cut Strategy's stock position by nearly 90% in Q1 of this year. The Q2 increase was to make up for the low base position of about 530,000 shares.
After all, the performance of the crypto market in Q1 is hopeless, and asset management giants also need to review the current situation to trade.
Asset management giant Vanguard Pioneer GroupIts VOE fund previously announced an increase in its holdings of 83,093 MSTR shares on July 20.
Valued at $8.16 million, the position increased to 2.12 million shares, worth $209 million;
On July 27, its VTSAX fund added 5291 million shares of MSTR shares worth $50 million.
Positions increased to 10.5 million shares worth $994 million.
The fourth largest asset management company in the worldState Street Corporation（State Street Group)It was recently revealed that
It increased its holdings of 506,635 MSTR shares, involving an amount of about US$51 million, with a total holdings of 7.52 million shares.
The value of the position was approximately $758 million, and the size of the position increased by 7.2%.
The world's largest active fund management company,
The asset management scale reached 3.3 trillion US dollarsCapital GroupIts Growth ETF (CGGR) announced an increase of 80,400 MSTR shares in July.
Valued at $7.78 million, the position increased to 1.66 million shares, worth $1613.9 million.
The fifth largest asset management company in the NetherlandsRobecoDisclosed in July, MSTR's holdings increased 11% to a total of 133,755 shares worth $13.1 million.
The Korea Asset Management Company is also one of the main players in increasing MSTR's holdings, the second-largest asset management company in Korea,
The one with an asset management scale of 845 billion US dollarsMirae Asset Global InvestmentsIn July, it was disclosed that 25,573 shares of MSTR were increased,
Valued at $2.42 million, the position increased to 135,951 shares, worth $12.87 million.
In addition to asset management institutions, the increase in holdings of banks and public funds is also worth paying attention to.
Large banksIn terms of this, Sweden's second-largest bank,
Svenska Handelsbanken AB, which has assets of $132.5 billion, previously increased its holdings of MSTR by 23,829 shares, worth $2.21 million.
Total holdings reached 106,522 shares, worth $9.92 million; Swedbank AB, Sweden's third-largest bank, previously increased its holdings of Strategy shares by 8,278 shares.
The total holdings reached 90,590 shares, worth US$8.81 million; Bank of New York Mellon recently disclosed an increase of 14,630 Strategy shares.
Valued at $1.45 million, the total number of holdings increased to 1.02 million shares, worth $102.4 million;
National Bank of Canada's MSTR holdings increased to 1.2 million shares, nearly doubling the number and holding value of US$116 million;
Citibank increased its holdings by 238,538 shares, with a position value of US$90.5 million;
Nordic banking giant Nordea,
European banks such as Austrian banking giant Raiffeisen Bank International have also increased their holdings of MSTR shares ranging from hundreds of thousands of dollars to millions of dollars.
In terms of public funds, the Michigan retirement system has an asset management scale of over 100 billion US dollars,
It was recently revealed that MSTR's position increased from about 5,800 shares to 14,000 shares, an increase of 141%, and a market capitalization of about $1.22 million;
The Louisiana State Government Employees Pension Fund increased its holdings of MSTR shares to 21,300 shares, worth $2.13 million;
The NJ Police and Firefighter Pension Fund's MSTR holdings recently increased to 49,055 shares worth $4.66 million.
Although the absolute amount of these additional positions is small, such public pension funds, which prioritize fiduciary responsibility, are willing to expand their risk exposure to BTC assets.
The signal is more significant than the money itself.
Bitmine (BMNR): From hedge funds to asset management giants to buy
As the leading stock in the Ethereum treasury, BMNR's market performance has not been as good as expected.
Attracted in the first quarterCitadel Advisors, Susquehanna InternationalAfter the two quantitative funds invested more than 100 million US dollars to increase their holdings,
The main force of increasing Q2's holdings gradually shifted to mainstream asset management giants and index funds.
BlackRockIt is currently BMNR's largest institutional shareholder, holding 27.2971 million shares as of the end of June this year;
State Street Corp. (State Street Group)At the end of Q2, it held 8.74 million BMNR shares, making it a strong position among the top 10 shareholders;
Ark Invest, owned by Cathie Wood, held 5.7 million shares at the end of Q2.
However, around 121,000 shares were sold at the end of JulyBitmineShares, worth $2 million.
Q2 What is most noteworthy is that Bitmine entered the Russell Index, which triggered mandatory large purchases of passive index funds and ETFs owned by many giants.
Currently, it is difficult to think of it as “asset management giants take the initiative to make a decision and then make a purchase operation.”
Circle (CRCL): Public funds, asset management giants, international banks, and Sister Mudou are all taking action
On the CRCL line, both types of funds are active.
California Civil Service Pension Fund CalPERS established a new position in Circle in Q2, buying a total of 139507 shares.
The investment was about US$13.31 million, and the scale was at the level of US$10 million. The direction was conservative but clear.
At Q1, many funds were also being laid out. According to data disclosed in the last quarter, Southpoint Capital Advisors had previously increased its share by 175%.
Approximately 2.1 million shares, with a market value of about 200 million US dollars; Jane Street increased its holdings more than tenfold to about 1.94 million shares, with a market value of about 185 million US dollars;
Morgan StanleyThe holdings increased by 241% to approximately 3.52 million shares, with a market capitalization of approximately $336 million.
Time enters Q2, and although the CLARITY Act is not progressing well, more institutions are opting for Buy In Circle's “crypto banking and payments giant narrative.”
Norwegian Sovereign Wealth FundSpent $131.8 million to buy 2,105,378 shares;
Swiss National BankHolds approximately 418,900 shares worth approximately US$26.23 million;
Korea Investment Group(Korea Investment CORP) also bought 65,443 shares worth about $4.1 million;
BlackRockIt even directly increased its share by 65.35%, and the total shareholding position increased to 8.4 million shares.
ARK InvestThere are also frequent moves on this target.
Its most recent operation was passed under its umbrella on August 7ARKK FoundationBuy 313,764 Circle shares,
At $66.67 per share, it's worth approximately $20.92 million.
According to previous statistics, as of July 31, the ARK Innovation ETF's top ten holdings included 3.82% of Circle shares, ranking 8th.
Coinbase (COIN): Passive buying by Pioneer Group, Ark Invest buying on dips, swing operations
Currently, COIN's largest institutional shareholder is Pioneer Group, which maintains positions in the tens of millions of shares and a market capitalization of billions of dollars all year round.
The origin of this type of position is quite clear: COIN has entered mainstream indices such as the S&P 500.
Index funds and ETFs managed by Pioneer will be bought passively according to weight, and the scale will follow changes in the market value in circulation.
It does not mean that the fund manager takes the initiative to decide “now is the time to increase the position”.
BlackRock and State Street Fury are at the top of COIN's shareholder list all year round. The logic is similar to Pioneer Group.
Positions that actually have the color of active judgment are currently mostly rotated within the sector of themed funds such as ARK.
It is not an additional purchase from traditional large asset managers.
而 Ark Invest's option is to buy COIN on dips and occasionally swing trade, the most recent operation took place on August 7th.
It cost approximately $9.16 million to buy 59,668 shares of Coinbase at a price of $153.6 per share.
As of July 31, the ARK Innovation ETF's top ten holdings included 4.54% of Coinbase shares, ranking 5th.
Robinhood (HOOD): Pension fund positions are scattered, and institutions hold more than 90% of the shares
HOOD's institutional shareholding ratio has exceeded 93%, making it one of the most institutionalized companies in this batch.
According to this year's Q1 13F data,Illinois Municipal Pension FundThe position was increased by 19.3%, and the position rose to 74,000 shares, with a market capitalization of about US$5.14 million;
Empowered Funds increased its position by 46.7% and held approximately 50,000 shares.
These single sums are not that big; what further explains the problem is the breadth — a large number of small and medium-sized pension funds and bank asset managers are increasing their positions slightly at the same time.
It indicates that HOOD has entered the regular allocation pool for such conservative funds, rather than an alternative target requiring special approval.
ARKHOOD also increased its position by about 1.19 million shares in the first quarter.
Also, according to reliable statistics, as of July 31st,ARK Innovation ETFThe top ten holdings also include 3.54% of Robinhood shares, ranking 9th.
Block (XYZ): BlackRock Q2 slightly reduced its holdings, and Mudou Sister opened a position in the band
For Block shares, the most noteworthy is BlackRock's Q2 move — according to the latest disclosure,
BlackRockHolds approximately 41,573,031 Block shares worth approximately US$3159.6 billion;
Compared to Q1, it actually reduced its holdings of 665,843 Block shares slightly.
Sister Mu Tou, on the other hand, showed a unique trend in this stock: the transaction records for mid-July showed that
ARKBought approximately 72,000 Block shares worth approximately $5.63 million; on August 6, A
rk Invest once again revealed the purchase of 267,676 Block shares worth approximately $21 million.
It is worth mentioning that Ark Invest will reduce and sell positions appropriately when the market falls, and the operation is more flexible.
Bullish (BLSH): Sister Mu Tou takes the lead, asset management follows up
BLSH has not been on the market for a long time, and most institutional positions have been concentrated in the last two quarters.
ARK Invest, owned by Sister Mu Tou, is one of the earliest and most aggressive buyers, opening positions in Q1 over $160 million.
Massachusetts Trust (MFS) and Sumitomo Mitsui Trust BankThey have also created new positions worth nearly 100 million US dollars, and the direction is in line with ARK.
There aren't many track options, so just choose the leader
Based on the above information, most investment institutions are required for risk management, stable returns, and passive fund positions.
Most chose an investment strategy combining “leading stocks plus a few options”.
The rules that can be summarized are:
1. Positions that really have the color of active judgment are concentrated on themed funds such as ARK and some hedge funds.
Their positions are adjusted frequently, the direction is clear, and they are also willing to continue buying in the midst of a decline.
2. Index fund giants such as Pioneer, BlackRock, and State Street Street can be seen in almost every target shareholder list.
However, it is more about passive buying based on the weight of the index; it should not be simply interpreted as “institutions are bullish.”
3. Although the pension fund's actions are small in a single transaction, the coverage is expanding. Michigan, Illinois,
These public funds in California appeared almost simultaneously on the crypto stock increase list.
It shows that crypto assets are being accepted as configurable targets by more institutions with extremely low risk appetite and conservative investment styles.
For retail investors, the 13F document has a 45-day disclosure delay, and the adjustment actions for institutional positions are extremely flexible and varied.
The previous position information can only be used as an investment reference and cannot be directly “manipulated”.In particular, Sister Mu Tou is a ruthless person who sees opportunities and acts frequently.
What is more worth thinking about is the signal conveyed by the superposition of various institutional funding trends — in terms of judging the bottom of the market and track options,
Institutions have more solid and sharp judgments than retail investors. (If there are any errors or omissions in the specific data or a more detailed version description, readers' feedback is welcome)
(This article is not used as a basis for trading)
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