$614 Billion Mirae Asset Bolsters Strategy (MSTR) Stock Holdings by 25%

Financial giant Mirae Asset has increased its investment in Strategy (MSTR) stock.

The South Korea-based fund manager has boosted its holdings by 25% as Strategy, the largest corporate holder of Bitcoin, remained the top-performing large-cap stock in the United States.

Mirae Asset Increases Strategy (MSTR) Holdings to $153 Million

Mirae Asset Global increased its position in the largest Bitcoin treasury company Strategy by 25%, BitcoinTreasuries reported on August 27.

The South Korean financial giant now holds $153 million worth of MSTR shares. This shows Asia’s institutional investors are scaling exposure in Bitcoin and crypto faster than many expected.

Recently, $207 billion South Korean sovereign wealth fund KIC also purchased $15 million worth of Strategy (MSTR) stock in Q2. The firm holds $50 million worth of MSTR stock.

Strategy’s Executive Chairman Michael Saylor revealed that MSTR retained its position as the top-performing large-cap U.S. stock out of 1,400 listed companies since adopting the Bitcoin treasury strategy in 2020.

Vanguard Group is the largest shareholder of Strategy (MSTR), holding more than $7.49 billion. Followed by Capital International Investors, BlackRock, and Morgan Stanley.

MSTR Stock Price to Regain $400 Mark?

Strategy expanded total Bitcoin holdings to 632,457 BTC, acquired for $46.50 billion at an average cost of $73,527 per BTC.

The company last purchased 3,081 BTC for $356.9 million at an average price of $115,829 per Bitcoin.

While the company continues Bitcoin acquisitions, the stock faced short positions and put bets from investors. Notably, Jane Street holds $4.1 billion in put bets, as per the US SEC data.

At the time of writing, MSTR stock fell nearly 0.24% in pre-market trading hours, with expectations of a higher opening price. The stock closed 2.38% higher at $351.36 on Tuesday.

As per Yahoo Finance, Strategy stock has rallied more than 22% YTD. Analysts remain bullish on MSTR stock price due to the recent change in sentiment.

On August 11, Mizuho Securities lifted the price target on MSTR stock to $586 from $563. As The Coin Republic reported earlier, the average price target for MSTR stock is $561, with Mark Palmer from Benchmark holding a price target of $705.

On August 18, TD Cowen reiterated its ‘buy’ rating and retained the stock price target of $680.

Bitcoin Price Rebounds Above $111K

Bitcoin price jumped above $111K as it recorded buying as price dropped below $109K. At the time of writing, BTC price was trading at $111,178, with a 24-hour low and high of $108,762 and $112,397, respectively.

Trading volume decreased by more than 17% in the last 24 hours, indicating a lack of interest among traders.

Traders remained cautious ahead of the monthly options expiry and the U.S. PCE inflation data release later this week.

The derivatives market recorded a slight buying activity, as per Coinglass. At the time of writing, the total BTC futures open interest was down 0.33% to $81.51 billion in the last 24 hours.

Meanwhile, the total BTC futures OI on CME and Binance surged more than 0.50% and 1% in the last 4 hours, respectively.

Derivatives traders are adjusting their BTC strategy after the crypto market crash.