Strategy: Goldman Sachs and Vanguard doubled down on MSTR just before the summer of Bitcoin sell-offs

Twelve of the fifteen largest Strategy shareholders increased their MSTR holdings in Q2 2026, led by Goldman Sachs. Since then: Bitcoin sell-offs, a $2 billion raise, and a BTC rebound. The article Strategy: Goldman Sachs and Vanguard doubled down on MSTR just before the summer of Bitcoin sell-offs first appeared on Journal du Coin.

The financial landscape surrounding Strategy saw unique dynamics in the second quarter of 2026. While the stock price faced significant downward pressure, sliding from $195 to under $87, major institutional players demonstrated remarkable resilience. Of the fifteen largest shareholders, twelve chose to increase their positions, injecting a net total of $1.2 billion. Among these investors, Goldman Sachs stood out by nearly quadrupling its stake to reach a valuation of $555 million, supported by heavyweights like Vanguard and BlackRock.

This institutional confidence, observed as of June 30, met a complex operational reality throughout the summer. Contrary to its habitual strategy of unconditional accumulation, the company executed significant sales of its Bitcoin holdings, offloading nearly 7,000 units in just six weeks. These maneuvers were aimed at restructuring its financial commitments, specifically the repurchase of preferred shares and the payment of dividends. This transition toward more defensive treasury management marked a clean break from the strategic direction the company had followed since 2022.

Beyond the divestment of digital assets, the firm also initiated a massive $2 billion capital raise through the issuance of new shares. While this move secures a substantial cash reserve, it raises questions regarding shareholder dilution and the long-term viability of the company’s business model. The exponential growth mechanism, which traditionally relied on leverage to accumulate Bitcoin, is currently stalled: liquidity is now being prioritized to shore up the balance sheet rather than expand the strategic cryptocurrency reserve.

The challenge for the coming months lies in management's ability to relaunch its accumulation momentum while stabilizing the price of its preferred shares, which are still struggling to regain their par value. Although the recent rebound in the price of Bitcoin above the average purchase price has provided accounting relief, institutional investors remain in a "wait and see" mode. The next quarterly reports will be pivotal in determining whether Wall Street giants stay the course or view this strategic shift as a definitive signal to exit.