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%, now holding 1.32 million shares worth $127.7 million. Looking at recent data, despite BTC's ongoing volatility and the lackluster performance of crypto-related stocks, many institutions are still choosing to increase their positions against the trend, waiting for a market rebound to generate profits.

Now, while claims of the "DAT model's bankruptcy" and "institutional crypto conviction crumbling" are rife, the SEC's quarterly 13F filings reveal the truth behind the lag — a slew of investment institutions managing hundreds of billions or even trillions of dollars are quietly adding to their 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 Replenish Positions

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

Amundi, mentioned at the beginning of the article, did not build its roughly 1.32 million share position through continuous one-way buying. It had cut its Strategy stock position by nearly 90% in Q1 this year, and the Q2 increase was a replenishment from a low base of around 530,000 shares, given the desperate performance of the crypto market in Q1. Even asset management giants need to assess the situation and adjust their trading accordingly.

Asset management giant Vanguard's VOE fund previously announced an increase of 83,093 shares of MSTR worth $8.16 million on July 20, bringing its holdings to 2.12 million shares worth $209 million; on July 27, its VTSAX fund increased its position by 529,100 shares of MSTR, worth $50 million, raising its holdings to 10.5 million shares valued at $994 million.

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

Capital Group, the world's largest active fund manager with $3.3 trillion in AUM, disclosed via its Growth ETF (CGGR) in July an increase of 80,240 MSTR shares worth $7.78 million, raising its holdings to 1.66 million shares valued at $161.39 million.

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

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

Beyond asset managers, increases by banks and public funds are also worth noting.

Among major banks, Sweden's second-largest bank, Svenska Handelsbanken AB, with assets of $132.5 billion, previously increased its position by 23,829 MSTR shares worth $2.21 million, bringing its total holdings to 106,522 shares valued at $9.92 million; Sweden's third-largest bank, Swedbank AB, previously increased its holdings by 8,278 Strategy 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, raising its total holdings to 1.02 million shares valued at $102.4 million; National Bank of Canada nearly doubled its MSTR holdings to 1.2 million shares, with a position value of $116 million; Citibank increased its position by 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 holdings by amounts ranging from hundreds of thousands to over a million dollars.

On the public fund front, the Michigan retirement system, with over $100 billion in assets under management, recently disclosed an increase in its MSTR position from approximately 5,800 shares to 14,000 shares, a 141% increase, with a market value of approximately $1.22 million; the Louisiana State Employees' Retirement System increased its MSTR holdings to 21,300 shares, worth $2.13 million; and 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 is more significant as a signal 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 stellar.

After attracting over $100 million in combined increases from quantitative funds Citadel Advisors and Susquehanna International in Q1, the main buyers in Q2 shifted toward 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 BMNR shares at the end of Q2, firmly entering the top 10 shareholders;

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

The most noteworthy event in Q2 is Bitmine's entry into the Russell indices, which triggered mandatory large-scale buying by passive index funds and ETFs managed by numerous giants. At present, this can hardly be viewed as "buying decisions made based on proactive judgment by asset management giants."

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 in Q2, purchasing 139,507 shares with an investment of approximately $13.31 million. While the scale is in the tens of millions, the direction is conservative but the stance is clear.

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 approximately $200 million; Jane Street increased its stake more than tenfold to approximately 1.94 million shares, with a market value of approximately $185 million; Morgan Stanley increased its stake by 241% to approximately 3.52 million shares, with a market value of approximately $336 million.

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

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

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

Korea Investment Corporation also purchased 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 target. Its most recent transaction was on August 7, when it purchased 313,764 Circle shares through its ARKK fund, worth approximately $20.92 million at $66.67 per share. According to previous data, as of July 31, ARK Innovation ETF's top 10 holdings included Circle stock at 3.82%, ranking 8th.

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

COIN's largest institutional shareholder is currently Vanguard, with positions typically maintained in the tens of millions of shares and market values in the billions of dollars. The source of such positions is relatively clear: COIN has entered mainstream indices such as the S&P 500, and index funds and ETFs managed by Vanguard will passively buy according to weight, with the scale following changes in float market cap. This does not represent active fund manager judgment that "it's time to add positions."

BlackRock and State Street have long been at the top of COIN's shareholder list, with logic similar to Vanguard's. Genuine position increases reflecting active judgment currently come more from sector rotation within thematic funds like ARK, rather than new buying from traditional large asset managers.

Ark Invest's approach has been to buy COIN on dips and occasionally engage in swing trading. Its most recent transaction was on August 7, spending approximately $9.16 million to purchase 59,668 Coinbase shares at $153.6 per share. As of July 31, ARK Innovation ETF's top 10 holdings included Coinbase stock at 4.54%, ranking 5th.

Robinhood (HOOD): Pension Funds Adding in Small Amounts, Institutional Ownership Exceeds 90%

HOOD's institutional ownership ratio has already exceeded 93%, making it the most institutionally owned stock among this batch of targets.

Data from Q1 13F filings this year shows that the Illinois Municipal Retirement Fund increased its position by 19.3% to 74,000 shares, with a market value of approximately $5.14 million; Empowered Funds increased its position by 46.7% to approximately 50,000 shares. While these individual amounts are not large, the breadth is more telling — a large number of small and medium-sized pension funds and bank-affiliated asset managers are simultaneously making modest increases, indicating that HOOD has entered the regular allocation pool for such conservative capital, rather than being an alternative asset requiring special approval.

ARK also increased its HOOD position by approximately 1.19 million shares in Q1. According to reliable data, as of July 31, ARK Innovation ETF's top 10 holdings also included Robinhood stock at 3.54%, ranking 9th.

Block (XYZ): BlackRock Slightly Reduced in Q2, Cathie Wood Building Positions via Swing Trading

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

Cathie Wood, meanwhile, has shown a distinctive tendency toward this stock: trading records from mid-July show that ARK purchased approximately 72,000 Block shares, worth approximately $5.63 million; on August 6, Ark Invest again disclosed the purchase of 267,676 Block shares, worth approximately $21 million. Notably, Ark Invest tends to reduce positions appropriately during market downturns, demonstrating flexible trading tactics.

Bullish (BLSH): Cathie Wood Takes the Lead, Asset Managers Follow

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

ARK Invest, under Cathie Wood, was one of the earliest and most decisive buyers, with Q1 positioning exceeding $160 million.

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

Limited Options in the Sector – Choosing the Leaders Is the Way to Go

Based on the above information, most investment institutions have adopted a strategy of "leading stocks + a few select options" for reasons of risk management, stable returns, and passive fund holding requirements.