An enormous internet of firms and securities are tied to the 601,550 bitcoin (BTC) at MicroStrategy. Stretching throughout the globe from its Virginia headquarters, there are shareholders buying and selling devices tied to these cash as far-off because the Australian Securities Alternate.
In response to TickerGate, retail traders personal over 99% of MicroStrategy (MSTR) frequent inventory. Nonetheless, the type of their possession varies wildly.
Essentially the most fundamental instrument is MSTR, but there are numerous funds, securities, and derivatives tied to that $71 billion trove of digital gold.
As these autos proliferate in quantity and by buying and selling venue, it’s illuminating to checklist the amount of funds and securities whose traders consider that they’ve publicity to MicroStrategy’s bitcoin.
Certainly, MicroStrategy itself is the primary entity that has a declare to BTC that it doesn’t absolutely possess. As an alternative, it has authorized possession over non-public keys and possession rights that pressure custodians like Coinbase Prime Custody to maneuver BTC on its behalf.
MicroStrategy Class A and B
There are 261.3 million excellent shares of MSTR, which is the corporate’s Class A standard inventory.
Founder Michael Saylor holds a particular sort of frequent inventory, Class B, which enjoys 10X the voting energy of Class A inventory, which trades publicly as MSTR. Saylor owns 19,616,680 of the 19,640,250 excellent Class B inventory as of Could 2, 2025. Boosted by his 10X voting energy, he has 43.58% complete voting energy over the company.
Though MSTR is actually tied to the corporate’s BTC by the use of it being an asset on the corporate’s steadiness sheet, most individuals incorrectly consider that MSTR grants possession rights over the corporate’s BTC. That is incorrect.
On the contrary, the corporate has explicitly denied MSTR shareholders possession rights over its BTC. It has disclosed clearly, “ownership of common stock does not represent an ownership interest in the bitcoin the company holds.”
Regardless of this authorized separation—proudly owning a share of an organization that owns BTC—the value of MSTR nearly at all times trades relative to the corporate’s BTC. Certainly, the corporate itself publishes a reside dashboard of its share value relative to the value of its BTC holdings, mNAV, on its Technique.com homepage.
Because of this, in addition to the liquidity and standardness of frequent shares buying and selling on the Nasdaq alternate, nearly all different securities which might be tied to MicroStrategy’s bitcoin use MSTR as a holding or base asset for his or her by-product valuations.
Domestically, quite a lot of completely different funds maintain MSTR.
Home funds uncovered to the value of MicroStrategy’s BTC
The mutual fund Development Fund of America holds 9.89 million MSTR shares or about 3.7% of MicroStrategy’s excellent provide.
The Vanguard Complete Inventory Market Index Fund holds 8.16 million MSTR.
Different Vanguard funds that maintain MSTR embody Vanguard Prolonged Market ETF (3.91 million MSTR), Vanguard Development ETF (2.72 million MSTR), and Vanguard Data Know-how ETF (1.47 million MSTR).
Invesco QQQ Belief Sequence I holds 5.19 million MSTR.
American Funds Basic Traders holds 4.26 million MSTR.
T‑Rex 2X Lengthy MSTR Every day Goal ETF holds 8.71 million MSTR, making it the largest holder of MSTR amongst ETFs.
REX Shares additionally has a bearish counterpart, its 2X Inverse MSTR ETF, which trades MSTR derivatives.
YieldMax MSTR Choice Earnings Technique ETF holds a basket of property that embody money, Treasuries, and MSTR. It guarantees dividends by buying and selling of derivatives linked to MSTR.
Defiance Leveraged Lengthy + Earnings MSTR ETF equally provides earnings by MSTR-linked derivatives, choices, and leveraged lengthy positions.
ProShares UltraPro QQQ holds 253,600 MSTR.
Different funds maintain MSTR domestically, together with wealth administration funds by BlackRock, Vanguard, Constancy, ARK Investments, Goldman Sachs, and lots of others.
Different funds and derivatives
Even worldwide funds maintain MSTR, together with Norway’s sovereign wealth fund and the Nationwide Financial institution of Canada. Further fund managers maintain MSTR for his or her purchasers like Geode Capital Administration, UBS, Charles Schwab, Northern Belief, and Sumitomo Mitsui Belief Holdings. There are additionally hedge funds and household workplaces that personal MSTR.
Along with these direct possession autos, there are additionally loads of derivatives that confer rights over the longer term buy or sale of MSTR.
Name and put choices contracts, together with the massive class of normal choices in addition to a number of non-standard choices comparable to odd lot or govt compensation choices awards, have monetary possession over upcoming transactions in MSTR.
Due to this fact, these giant portions of MSTR choices—together with a series of strikes from $5 to $1,080 extending out to December 2027—are further securities tied to MicroStrategy’s BTC.
Along with choices, there are many different derivatives tied to MicroStrategy’s BTC. Swaps and binary choices are a number of of those devices. Binary choices alone have quite a lot of listings throughout numerous betting markets, and there are numerous over-the-counter sellers for MicroStrategy fairness swaps.
Company paper publicity
Debtholders additionally commerce company bonds tied to MicroStratey’s BTC. The corporate has a half dozen collection of interest-bearing loans excellent that mature from 2028 by 2032.
The corporate even has a calculator that self-servingly forecasts nearly no eventualities underneath which the corporate must promote BTC to make its curiosity or principal repayments to those lenders. Nonetheless, bondholders commerce company paper primarily based on the corporate’s creditworthiness, which is, after all, tied to the worth of its BTC property.
As well as, MicroStrategy has issued three varieties of dividend-yielding most well-liked shares: STRK, STRF, and STRD. All of those preferreds commerce, in a technique or one other, relative to the worth of the corporate’s BTC.
Overseas, many worldwide exchanges checklist securities tied to MSTR.
Worldwide funds deriving publicity to MSTR
Canada’s Toronto Inventory Alternate lists Harvest MicroStrategy Excessive Earnings Shares ETF which holds MSTR shares.
Exchanges in London, Paris, and Italy checklist Leverage Shares +3x Lengthy MicroStrategy ETP which trades MSTR and its derivatives.
Additionally in London, GraniteShares 2X and 3X Lengthy and Quick MicroStrategy ETPs commerce MSTR and its derivatives.
In Australia, Morningstar Worldwide Shares Energetic ETF holds MSTR.
Exchanges in Amsterdam, Italy, and France checklist Melanion Bitcoin Equities UCITS ETF which holds MSTR.
VanEck Crypto and Blockchain Innovators UCITS ETF is listed in London, Switzerland, Germany, Italy, and France, which holds MSTR. There are lots of extra worldwide funds that maintain MSTR.
Along with all of those funds, there are innumerable funds that maintain publicity to the indices wherein MSTR is a constituent.
Particularly, MSTR is a constituent of the celebrated Nasdaq 100, Nasdaq Composite, and Russell 2000 indices, along with different inventory indices like Russell 3000 and MSCI World Index. There are numerous funds and securities tied to those indices and their constituents, together with MSTR.
As well as, MicroStrategy can also be superior in its qualification levels for S&P 500 inclusion. If it positive factors approval to grow to be a constituent of that inventory index this yr, hundreds of further funds will purchase indexation securities that can embody publicity to MicroStrategy and its BTC.
