- Schwab added 91,859 MSTR shares, raising its stake to nearly 1.3M
- Strategy holds 717,131 BTC worth roughly $48B
- Schwab also adjusted positions in TON Strategy, IBIT, and American Bitcoin
Charles Schwab Investment Management increased its position in Strategy, the largest corporate Bitcoin treasury company, during the fourth quarter of 2025. According to a recent SEC filing, Schwab added 91,859 MSTR shares, bringing its total holdings to nearly 1.3 million shares. At the time of reporting, that position was valued at around $193 million, a serious allocation, not just symbolic exposure.
This move stands out because Strategy has effectively become a proxy for Bitcoin itself. The enterprise software firm now holds approximately 717,131 BTC, worth roughly $48 billion. For traditional asset managers, owning MSTR shares is often a way to gain amplified exposure to Bitcoin without directly holding the asset.
MSTR Stock Volatility Hasn’t Stopped Institutional Buying
Strategy’s stock closed 2025 at around $152, representing a steep 65% drop from its peak. That kind of drawdown would normally scare off conservative wealth managers, yet Schwab increased its stake anyway. On Tuesday, shares traded near $127, reflecting continued pressure and volatility in the name.
This is where the story gets interesting. Institutional investors are clearly aware of the volatility, but some are still leaning in. That suggests the thesis behind Strategy, Bitcoin accumulation as a corporate balance sheet strategy, remains compelling even when the equity proxy gets punished.
Schwab’s Broader Crypto Portfolio Shows Selective Positioning
Schwab’s crypto-related exposure wasn’t limited to Strategy. The firm reported holding 229,000 shares of TON Strategy, down from 286,000 in the previous quarter, signaling some trimming in that position. It also slightly increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT), holding 6,713 shares by quarter end.
These adjustments suggest a nuanced approach rather than blind accumulation. Some exposure is being scaled up, other pieces are being reduced. It’s not a one-directional bet, it’s portfolio construction happening in real time.
Traditional Finance Keeps Circling Bitcoin Infrastructure
Schwab also disclosed a $5.3 million share position in American Bitcoin Corp., the Bitcoin-focused firm founded by Donald Trump Jr. and Eric Trump. That addition reinforces a broader theme: traditional finance is not ignoring Bitcoin infrastructure plays, even when price action remains choppy.
The pattern is becoming harder to dismiss. Large asset managers are increasingly treating Bitcoin-linked equities and ETFs as legitimate portfolio components. Whether through Strategy, IBIT, or other vehicles, capital is finding structured ways into crypto exposure, and it doesn’t look like that trend is slowing down.
