加密熊市，机构巨头在补仓哪些加密概念股？

Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

Recently, Amundi, Europe's largest asset management company with $2.9 trillion in assets under management, disclosed that it had increased its stake in Strategy by 148%, currently holding 1.32 million shares worth $127.7 million. Looking at recent data, despite BTC's ongoing volatility and the lackluster price performance of many crypto-related stocks, a number of institutions are still choosing to increase their positions against the trend, waiting for a market rebound to generate profits.

Now, while claims about the "collapse of the DAT model" and "institutional crypto faith crumbling" are rife, the SEC's quarterly-mandated 13F filings reveal a different picture — a group of investment institutions with assets under management often reaching hundreds of billions or trillions of dollars are quietly building positions at their own pace. Odaily Planet Daily will briefly outline the relevant targets and some representative investment institutions in this article.

Strategy (MSTR): Asset Management Giants and Public Funds Add Positions

MSTR is the stock with the most solid data in this round of institutional accumulation, with buyers including asset management companies, major banks, public funds, and other institutions.

The Amundi position of approximately 1.32 million shares mentioned at the beginning of the article is not the result of sustained one-way buying. The firm had cut its Strategy stake by nearly 90% in Q1 of this year, so the Q2 increase was a replenishment from a low base of around 530,000 shares. After all, the crypto market's performance in Q1 was nothing short of dismal, and even asset management giants need to adapt their trading to the times.

Asset management giant Vanguard's VOE fund previously announced on July 20 that it had increased its MSTR stake by 83,093 shares, worth $8.16 million, bringing its total holdings to 2.12 million shares, worth $209 million; on July 27, its VTSAX fund added 529,100 MSTR shares, worth $50 million, increasing its holdings to 10.5 million shares, worth $994 million.

State Street Corporation, the world's fourth-largest asset management company, recently disclosed an increase of 506,635 MSTR shares, involving approximately $51 million, bringing its total holdings to 7.52 million shares worth approximately $758 million, a 7.2% increase in position size.

Capital Group, the world's largest actively managed fund company with $3.3 trillion in assets under management, disclosed in July that its Growth ETF (CGGR) had increased its MSTR holdings by 80,240 shares, worth $7.78 million, bringing total holdings to 1.66 million shares, worth $161.39 million.

Dutch asset manager Robeco, the fifth largest in the Netherlands, disclosed in July that its MSTR holdings had increased by 11%, reaching a total of 133,755 shares, worth $13.1 million.

Korean asset managers are also key players in accumulating MSTR. Mirae Asset Global Investments, South Korea's second-largest asset manager with $845 billion in assets under management, disclosed in July an increase of 25,573 MSTR shares, worth $2.42 million, bringing its holdings to 135,951 shares, worth $12.87 million.

Beyond asset managers, accumulation by banks and public funds is also noteworthy.

Among major banks, Sweden's second-largest bank, Svenska Handelsbanken AB, with assets of $132.5 billion, previously increased its MSTR holdings by 23,829 shares, worth $2.21 million, bringing its total holdings to 106,522 shares, worth $9.92 million; Sweden's third-largest bank, Swedbank AB, previously increased its Strategy holdings by 8,278 shares, reaching a total of 90,590 shares, worth $8.81 million; BNY Mellon recently disclosed an increase of 14,630 Strategy shares, worth $1.45 million, bringing its total holdings to 1.02 million shares, worth $102.4 million; National Bank of Canada increased its MSTR holdings to 1.2 million shares, nearly doubling the number, with a position value of $116 million; Citibank added 238,538 shares, bringing its position value to $90.5 million; Nordic banking giant Nordea, Austrian banking giant Raiffeisen Bank International, and other European banks also increased their MSTR stock holdings by amounts ranging from hundreds of thousands to over a million dollars.

Among public funds, the Michigan retirement system, with over $100 billion in assets under management, recently disclosed raising its MSTR position from approximately 5,800 shares to 14,000 shares, a 141% increase, with a market value of around $1.22 million; the Louisiana State Employees' Retirement System increased its MSTR holdings to 21,300 shares, worth $2.13 million; the New Jersey Police and Firemen's Retirement System recently increased its MSTR holdings to 49,055 shares, worth $4.66 million.

While the absolute amounts of the above position increases are not large, the fact that these public pension funds, which prioritize fiduciary responsibility above all else, are willing to expand their risk exposure to BTC assets carries more symbolic significance than the capital itself.

Bitmine (BMNR): From Hedge Funds to Asset Management Giants Buying In

As the leading Ethereum treasury stock, BMNR's market performance has been less than satisfactory.

After attracting over $100 million in combined investments from quantitative funds Citadel Advisors and Susquehanna International in Q1, the main buyers in Q2 shifted towards mainstream asset management giants and index funds.

BlackRock is currently BMNR's largest institutional shareholder, holding 27.2971 million shares as of the end of June;

State Street Corp. held 8.74 million shares of BMNR at the end of Q2, strongly entering the top 10 shareholder list;

Cathie Wood's Ark Invest held 5.7 million shares at the end of Q2 but sold approximately 121,000 Bitmine shares at the end of July, worth $2 million.

The most noteworthy event in Q2 was Bitmine's inclusion in the Russell indices, which triggered mandatory large-scale buying from passive index funds and ETFs managed by numerous giants. This can hardly be seen as "asset management giants making active buy decisions."

Circle (CRCL): Public Funds, Asset Management Giants, International Banks, and Cathie Wood All Making Moves

On the CRCL front, both types of capital have been active.

California Public Employees' Retirement System (CalPERS) established a new position in Circle during Q2, buying a total of 139,507 shares, investing approximately $13.31 million. The scale is in the tens of millions, conservative in direction but clear in its stance.

Many funds were also positioning in Q1. According to data disclosed in the most recent quarter: Southpoint Capital Advisors previously increased its stake by 175%, holding approximately 2.1 million shares, with a market value of around $200 million; Jane Street increased its holdings more than tenfold, holding approximately 1.94 million shares, with a market value of around $185 million; Morgan Stanley increased its stake by 241%, holding approximately 3.52 million shares, with a market value of around $336 million.

Entering Q2, despite the lack of progress on the CLARITY Act, more institutions chose to buy into Circle's "crypto banking and payments giant" narrative.

Norway's sovereign wealth fund spent $131.8 million to buy 2,105,378 shares;

The Swiss National Bank holds approximately 418,900 shares, worth approximately $26.23 million;

Korea Investment CORP also bought 65,443 shares, worth approximately $4.1 million;

BlackRock even directly increased its stake by 65.35%, bringing its total holdings to 8.4 million shares.

ARK Invest has also been active with this stock. Its most recent move was on August 7, when it bought 313,764 Circle shares through its ARKK fund, valued at approximately $20.92 million based on a price of $66.67 per share. According to previous data, as of July 31, ARK Innovation ETF's top ten holdings included 3.82% in Circle stock, ranking 8th.

Coinbase (COIN): Vanguard's Passive Buying, Ark Invest's Buy-the-Dip and Swing Trading

COIN's largest institutional shareholder is currently Vanguard, with holdings consistently in the tens of millions of shares, worth billions of dollars. The source of this position is clear: COIN has been added to mainstream indices like the S&P 500, and Vanguard's index funds and ETFs will passively buy according to their weight, with the size following the circulating market cap. This does not represent a fund manager's active judgment that "it's time to add."

BlackRock and State Street are also consistently at the top of COIN's shareholder list, following logic similar to Vanguard's. Accumulation with genuine active judgment currently comes more from sector rotation by thematic funds like ARK, rather than new purchases from traditional large asset managers.

Ark Invest's choice, however, is to buy COIN on dips with occasional swing trades. Its most recent move occurred on August 7, spending approximately $9.16 million to buy 59,668 Coinbase shares at a price of $153.6 per share. As of July 31, ARK Innovation ETF's top ten holdings included 4.54% in Coinbase stock, ranking 5th.

Robinhood (HOOD): Pension Funds Adding in Small Lots, Institutional Ownership Exceeds Ninety Percent

HOOD's institutional ownership ratio has already exceeded 93%, making it the most institutionalized stock among this group.

Q1 13F data showed that the Illinois Municipal Retirement Fund increased its stake by 19.3%, raising its holdings to 74,000 shares, with a market value of approximately $5.14 million; Empowered Funds increased its stake by 46.7%, holding approximately 50,000 shares. These individual amounts are not large, but the breadth is more telling — a large number of small and mid-sized pension funds and bank-affiliated asset managers are simultaneously making modest increases, indicating that HOOD has entered the standard allocation pool for such conservative capital, rather than being a special alternative asset requiring special approval.

ARK also added approximately 1.19 million shares of HOOD in Q1. According to reliable data, as of July 31, ARK Innovation ETF's top ten holdings also included 3.54% in Robinhood stock, ranking 9th.

Block (XYZ): BlackRock's Slight Reduction in Q2, Cathie Wood's Swing-Style Position Building

Regarding Block stock, the most noteworthy action is BlackRock's move in Q2. According to the latest disclosure, BlackRock holds approximately 41,573,031 shares of Block stock, worth approximately $3.1596 billion; compared to Q1, it actually slightly reduced its Block stock holdings by 665,843 shares.

Cathie Wood, on the other hand, shows a distinctive inclination towards this stock: Trading records from mid-July show that ARK bought approximately 72,000 Block shares, worth approximately $5.63 million; on August 6, Ark Invest again disclosed buying 267,676 Block shares, worth approximately $21 million. It's worth noting that Ark Invest will appropriately reduce its positions when the market falls, operating with considerable flexibility.

Bullish (BLSH): Cathie Wood Leads, Asset Managers Follow

BLSH has been publicly listed for only a short time, with most institutional positioning concentrated in the last two quarters.

Cathie Wood's ARK Invest was one of the earliest and most decisive buyers, building a position of over $160 million in Q1.

Massachusetts Financial Services (MFS) and Sumitomo Mitsui Trust Bank have also each established new positions of nearly $100 million, aligned with ARK's direction.

Limited Options in the Sector, So Choosing the Leaders is the Way

Based on the information above, most investment institutions,