Twelve of Strategy's 15 largest institutional holders increased their MSTR positions in the second quarter of 2026, and 13F filings showed a net gain of roughly $700 million across the group, extending institutional support for the stock at a slower pace than the $4.6 billion added in Q1. Capital International Investors remained the largest holder after adding $346 million to lift its stake to $3.49 billion, or 9.4% of shares outstanding, while Vanguard's two largest entities added a combined $147 million, BlackRock Institutional Trust added $84 million and Goldman Sachs nearly quadrupled its stake to $555 million; Capital Research Global Investors cut $462 million, UBS Financial Services trimmed $142 million and Geode Capital Management reduced its position by $5 million. The filings landed as Strategy, which held about 843,775 Bitcoin as of late July 2026, sold Bitcoin in multiple tranches since May to help fund dividends on its STRC preferred shares, a break from its long-standing "never sell Bitcoin" posture that executives describe as capital structure optimization even as analysts debate how durable the company's Bitcoin-backed flywheel remains when Bitcoin's price stalls.