The global web tied to MicroStrategy’s $71B bitcoin stash
A vast web of companies and securities are tied to the 601,550 bitcoin (BTC) at MicroStrategy. Stretching across the globe from its Virginia headquarters, there are shareholders trading instruments tied to those coins as far away as the Australian Securities Exchange.
According to TickerGate, retail investors own over 99% of MicroStrategy (MSTR) common stock. However, the form of their ownership varies wildly.
The most basic instrument is MSTR, yet there are countless funds, securities, and derivatives tied to that $71 billion trove of digital gold.
As these vehicles proliferate in number and by trading venue, it is illuminating to list the quantity of funds and securities whose investors believe that they have exposure to MicroStrategy’s bitcoin.
Indeed, MicroStrategy itself is the first entity that has a claim to BTC that it does not fully possess. Instead, it has legal possession over private keys and ownership rights that force custodians like Coinbase Prime Custody to move BTC on its behalf.
MicroStrategy Class A and B
There are 261.3 million outstanding shares of MSTR, which is the company’s Class A common stock.
Founder Michael Saylor holds a special type of common stock, Class B, which enjoys 10X the voting power of Class A stock, which trades publicly as MSTR. Saylor owns 19,616,680 of the 19,640,250 outstanding Class B stock as of May 2, 2025. Boosted by his 10X voting power, he has 43.58% total voting power over the corporation.
Although MSTR is certainly tied to the company’s BTC by way of it being an asset on the company’s balance sheet, most people incorrectly believe that MSTR grants ownership rights over the company’s BTC. This is incorrect.
To the contrary, the company has explicitly denied MSTR shareholders ownership rights over its BTC. It has disclosed clearly, “ownership of common stock does not represent an ownership interest in the bitcoin the company holds.”
Despite this legal separation—owning a share of a company that owns BTC—the price of MSTR almost always trades relative to the company’s BTC. Indeed, the company itself publishes a live dashboard of its share price relative to the price of its BTC holdings, mNAV, on its Strategy.com homepage.
For this reason, as well as the liquidity and standardness of common shares trading on the Nasdaq exchange, almost all other securities that are tied to MicroStrategy’s bitcoin use MSTR as a holding or base asset for their derivative valuations.
Domestically, a variety of different funds hold MSTR.
Read more: Is MicroStrategy the bitcoin bank Hal Finney dreamed of?
Domestic funds exposed to the price of MicroStrategy’s BTC
The mutual fund Growth Fund of America holds 9.89 million MSTR shares or about 3.7% of MicroStrategy’s outstanding supply.
The Vanguard Total Stock Market Index Fund holds 8.16 million MSTR.
Other Vanguard funds that hold MSTR include Vanguard Extended Market ETF (3.91 million MSTR), Vanguard Growth ETF (2.72 million MSTR), and Vanguard Information Technology ETF (1.47 million MSTR).
Invesco QQQ Trust Series I holds 5.19 million MSTR.
American Funds Fundamental Investors holds 4.26 million MSTR.
T‑Rex 2X Long MSTR Daily Target ETF holds 8.71 million MSTR, making it the biggest holder of MSTR among ETFs.
REX Shares also has a bearish counterpart, its 2X Inverse MSTR ETF, which trades MSTR derivatives.
YieldMax MSTR Option Income Strategy ETF holds a basket of assets that include cash, Treasuries, and MSTR. It promises dividends through trading of derivatives linked to MSTR.
Defiance Leveraged Long + Income MSTR ETF similarly offers income through MSTR-linked derivatives, options, and leveraged long positions.
ProShares UltraPro QQQ holds 253,600 MSTR.
Other funds hold MSTR domestically, including wealth management funds by BlackRock, Vanguard, Fidelity, ARK Investments, Goldman Sachs, and many others.
Other funds and derivatives
Even international funds hold MSTR, including Norway’s sovereign wealth fund and the National Bank of Canada. Additional fund managers hold MSTR for their clients like Geode Capital Management, UBS, Charles Schwab, Northern Trust, and Sumitomo Mitsui Trust Holdings. There are also hedge funds and family offices that own MSTR.
In addition to these direct ownership vehicles, there are also plenty of derivatives that confer rights over the future purchase or sale of MSTR.
Call and put options contracts, including the large category of standard options as well as a few non-standard options such as odd lot or executive compensation options awards, have financial ownership over upcoming transactions in MSTR.
Therefore, these large quantities of MSTR options—including a chain of strikes from $5 to $1,080 extending out to December 2027—are additional securities tied to MicroStrategy’s BTC.
In addition to options, there are plenty of other derivatives tied to MicroStrategy’s BTC. Swaps and binary options are a few of these instruments. Binary options alone have a variety of listings across various betting markets, and there are various over-the-counter dealers for MicroStrategy equity swaps.
Corporate paper exposure
Debtholders also trade corporate bonds tied to MicroStratey’s BTC. The company has a half dozen series of interest-bearing loans outstanding that mature from 2028 through 2032.
The company even has a calculator that self-servingly forecasts almost no scenarios under which the company would have to sell BTC to make its interest or principal repayments to these lenders. Still, bondholders trade corporate paper based on the company’s creditworthiness, which is, of course, tied to the value of its BTC assets.
In addition, MicroStrategy has issued three types of dividend-yielding preferred shares: STRK, STRF, and STRD. All of these preferreds trade, in one way or another, relative to the value of the company’s BTC.
Abroad, many international exchanges list securities tied to MSTR.
International funds deriving exposure to MSTR
Canada’s Toronto Stock Exchange lists Harvest MicroStrategy High Income Shares ETF which holds MSTR shares.
Exchanges in London, Paris, and Italy list Leverage Shares +3x Long MicroStrategy ETP which trades MSTR and its derivatives.
Also in London, GraniteShares 2X and 3X Long and Short MicroStrategy ETPs trade MSTR and its derivatives.
In Australia, Morningstar International Shares Active ETF holds MSTR.
Exchanges in Amsterdam, Italy, and France list 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 many more international funds that hold MSTR.
In addition to all of these funds, there are innumerable funds that hold exposure to the indices in which MSTR is a constituent.
Specifically, MSTR is a constituent of the prestigious Nasdaq 100, Nasdaq Composite, and Russell 2000 indices, in addition to other stock indices like Russell 3000 and MSCI World Index. There are countless funds and securities tied to these indices and their constituents, including MSTR.
In addition, MicroStrategy is also advanced in its qualification stages for S&P 500 inclusion. If it gains approval to become a constituent of that stock index this year, thousands of additional funds will acquire indexation securities that will include exposure to MicroStrategy and its BTC.
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