Wells Fargo more than doubled its stake in Strategy Inc. during the first quarter of 2026, lifting its holding to roughly 726,000 shares from approximately 323,000 shares in the prior quarter. The increase of more than 400,000 shares is estimated at around $185 million at current valuations. The move was disclosed in a 13F filing, a quarterly SEC report required from institutional investment managers with more than $100 million in assets under management, and it adds to signs that some institutions are adjusting Bitcoin exposure through exchange-listed stocks rather than direct token holdings. Strategy, which trades as MSTR and was formerly known as MicroStrategy, has operated since 2020 largely as a corporate Bitcoin vehicle and holds over 815,000 BTC in its treasury. The filing comes as the company continues using equity and debt issuance to fund more Bitcoin purchases, leaving investors exposed to both the upside of its reserve-asset thesis and the risk that a sharp Bitcoin downturn could hit net asset value and debt servicing capacity.