Amundi’s $641M Acquisition of MSTR: A Liquidity Shift for a $141 Share

Understanding the Price Mechanism

The main driver here is the relationship between the stock price and its underlying value. With shares trading close to $141, the stock's market value is about 1.09 times its net asset value (mNAV). This modest premium over its Bitcoin reserves enables the company to issue new shares and use the proceeds to acquire additional Bitcoin. The process is straightforward: by selling shares at a price above the actual value of its Bitcoin holdings, the company can convert investor capital directly into more cryptocurrency.

This opportunity is a result of a prolonged and sharp downturn. The stock has dropped nearly 75% since its all-time high in November 2024 and has posted losses for seven straight months, with February likely marking an eighth. Such a steep discount widens the gap between the stock price and the value of its Bitcoin assets, creating favorable conditions for the company to generate cash flow through share sales.

The current fundraising effort is much larger than what was seen during the 2022 bear market, when only $275 million was raised—a small sum compared to what may be needed now to sustain the company’s aggressive strategy. Today, the combination of heavily discounted shares and a high mNAV offers a more powerful, though potentially unstable, funding method.

The Flow Event: Scale and Market Impact

Amundi’s recent acquisition marked a significant liquidity event, tailored to a specific market environment. The French asset manager purchased 3.77 million shares in the fourth quarter of 2025, increasing its total holdings to 4.79 million shares valued at approximately $641 million. This was not a gradual accumulation but a decisive increase, signaling a shift toward Bitcoin-related equities within a traditional investment portfolio.

Relative to the broader market, the scale is notable. With $2.8 trillion in assets, Amundi’s move stands out as one of its largest forays into crypto-linked stocks. Other institutional investors, such as Jane Street, also ramped up their exposure to MSTR by 473% during the same period, indicating that major players were actively accumulating shares during the recent downturn, treating the stock as a liquid stand-in for Bitcoin.

However, timing is everything. These purchases took place as the stock hovered near a critical technical support level around $120 and faced heavy short selling, with short interest reaching 14% of the stock’s market capitalization. This suggests that Amundi and others were betting on a potential bottom, even as the stock remained deeply depressed—down about 75% from its peak—and skepticism was high.

Testing the Liquidity Model

The company’s financial strategy relies on a delicate balance: as long as the stock trades above its net asset value (NAV), it can continue to sell shares and buy more Bitcoin. With the current mNAV at 1.09, there is still room to raise funds, but the margin is slim. The main risk is that if the market value drops below NAV for an extended period, the company would have to halt its Bitcoin purchases, disrupting the cycle that fuels its growth.

Amundi’s investment, while substantial at $641 million, represents only a small portion of its €2.3 trillion in assets. This institutional backing provides a steady flow of capital, but it does not eliminate the underlying fragility of the model. The strategy only works as long as the stock maintains a premium over its Bitcoin holdings.

If the stock price continues to fall, the gap between market capitalization and NAV will shrink, reducing the effectiveness of future share sales. Should the multiple drop below one, the company would be forced to pause its Bitcoin accumulation, breaking the cycle that has driven its strategy so far.