Generali Group disclosed a purchase of 100,985 more shares of Strategy, lifting its stake to 237,930 shares. The position is valued at approximately $36.4 million and gives the Italian insurer Bitcoin exposure without holding the coin.
Generali Group bought 100,985 additional shares of Strategy Inc. (NASDAQ: MSTR), taking its total position to 237,930 shares. The insurer increased its Bitcoin exposure without buying a single coin.
What Generali bought
The purchase went through Generali Asset Management SPA SGR, the group's investment arm, during the third quarter of 2026. The full stake is valued at approximately $36.4 million.
The source's arithmetic puts Generali's holding at 136,945 shares before the latest round. The Strategy position makes up about 0.64% of Generali's overall portfolio and ranks 35th among its holdings.
Other large investors moved in the same direction. Vanguard and BlackRock have both increased their Strategy holdings, and institutional ownership of the stock sits at approximately 59.84%.
How Strategy became a Bitcoin proxy
Strategy was once known mainly for business intelligence software. Under Executive Chairman Michael Saylor, it pivoted to a Bitcoin-centric model in 2020. The company raises capital through equity offerings and convertible notes, then uses the proceeds to buy more Bitcoin.
As of late October 2026, Strategy reportedly holds over 848,000 Bitcoin, with an average acquisition cost of around $75,400 to $75,500 per coin. It has also moved away from its long-held stance of never selling Bitcoin and now uses selective monetization strategies while continuing to accumulate.
Why institutions choose the shares
Many traditional institutions face mandates, compliance rules, or custody hurdles that complicate holding Bitcoin directly. Buying Strategy shares sidesteps those obstacles, because the investment sits in a regulated equity account and trades on a major US exchange.
However, Strategy is not a pure Bitcoin tracker. Its stock reflects the coin's price, plus the company's capital structure, its debt obligations, and the market's opinion of its management decisions.
At 0.64% of its portfolio, Generali's stake can rise or fall sharply without endangering the insurer's broader business.
Source: Crypto Briefing
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