11.2M times current price of MSTR, current market total value

Key Points

  • Research suggests BlackRock owns approximately 11.26 million shares of MicroStrategy (MSTR), based on recent filings from early 2025.
  • The evidence leans toward this number, but there may be slight variations due to share issuances and market activities.
  • An interesting detail is the significant increase in MSTR’s shares outstanding, affecting ownership percentages.

BlackRock’s Ownership Value
Based on the current stock price of MSTR at approximately $287.18 as of March 11, 2025, the value of BlackRock’s 11.26 million shares is around $3.23 billion. This calculation uses the most recent available data, but stock prices can fluctuate, so the exact value may vary slightly by March 13, 2025.

Current Market Context
MicroStrategy, now rebranded as Strategy, is known for its business intelligence software and substantial Bitcoin investments, which may influence its stock price volatility. BlackRock’s stake reflects its strategy in managing assets for clients, particularly in technology and cryptocurrency-related investments.

BlackRock’s Ownership in MicroStrategy: Detailed Analysis and Implications

This note provides a comprehensive analysis of BlackRock Inc.’s ownership of MicroStrategy Incorporated (MSTR), now rebranded as Strategy, addressing the query with detailed insights into the data, discrepancies, and contextual factors. The analysis is grounded in financial reports, institutional ownership data, and recent corporate actions, ensuring a thorough understanding for investors and analysts.

Background on MicroStrategy and BlackRock

MicroStrategy, listed on NASDAQ under the ticker MSTR, is a prominent business intelligence company and has positioned itself as a significant Bitcoin treasury, holding substantial amounts of the cryptocurrency. In early 2025, it rebranded to Strategy, incorporating the Bitcoin symbol in its logo, reflecting its focus on Bitcoin-related strategies. BlackRock Inc., one of the world’s largest asset managers, manages investments on behalf of clients through various funds, including exchange-traded funds (ETFs) and institutional accounts. Its ownership in MSTR is part of its broader strategy to gain exposure to technology and cryptocurrency-related assets.

Data on BlackRock’s Share Ownership

The most recent data, from a CoinDesk article dated February 7, 2025 BlackRock’s Ownership of MSTR Increases to 5%, indicates that BlackRock owns approximately 11.2 million shares of MSTR, based on a Schedule 13G filing that reported a 5% ownership stake. This marks an increase from their previous 4.09% ownership as of September 30, 2024, according to Yahoo Finance. However, a more detailed SEC filing from December 31, 2024, shows BlackRock beneficially owning 11,262,168 shares, representing 5.0% of the class, as reported in BlackRock Inc. ownership in MSTR / MicroStrategy Incorporated – 13F, 13D, 13G Filings. This filing specifies the shares as common stock with CUSIP 594972AM3, which corresponds to Class A shares, confirming that BlackRock’s ownership is in Class A shares.

To contextualize, the total shares outstanding for MSTR is critical. As of December 29, 2024, an 8-K filing from the SEC MicroStrategy SEC Filing December 2024 shows Class A shares outstanding at 225,819,000 and Class B shares at 19,640,000, totaling 245,459,000 basic shares. This is a notable increase from September 30, 2024, when Class A shares were 183,003,980 and Class B shares were 19,640,250, totaling approximately 202,644,230 shares, indicating a net issuance of about 42.8 million new Class A shares in Q4 2024. This increase likely relates to MSTR’s strategy of raising capital for Bitcoin purchases, as mentioned in their Q4 2024 earnings call MicroStrategy Q4 2024 Earnings Call Transcript.

Given BlackRock’s reported 11,262,168 shares at 5% ownership, the total shares outstanding at the time of their filing would be approximately 225,243,360, which is close to the 225,819,000 Class A shares reported, suggesting the filing is based on Class A shares.

Discrepancies and Analysis

The variation in reported ownership percentages and share counts warrants further examination. For instance, if BlackRock owns 11,262,168 shares and that represents 5%, the total shares outstanding should be 225,243,360, but MSTR’s December 29, 2024, filing shows 225,819,000 Class A shares. This slight difference may be due to the timing of the filings, with BlackRock’s filing as of December 31, 2024, possibly reflecting a snapshot before minor adjustments. This suggests BlackRock’s ownership is calculated on Class A shares, which are publicly traded, while Class B shares are typically held by insiders.

Calculations based on the data reveal:

  • As of September 30, 2024, with 202 million shares outstanding, 4.09% ownership would be about 8,261,800 shares.
  • By December 31, 2024, with an estimated 225 million Class A shares outstanding at the time of filing, 5% ownership aligns with 11,262,168 shares, suggesting BlackRock increased its share count by approximately 3,000,368 shares while MSTR issued more shares.

This dynamic market activity, including MSTR’s net increase of 42.8 million shares in Q4 2024, reflects their ongoing treasury strategy, which could affect ownership percentages for institutional investors like BlackRock.

Corporate Actions Impacting Shares Outstanding

MicroStrategy’s strategy to accumulate Bitcoin has led to significant capital raises, including equity issuances. In Q4 2024, the company sold additional shares under its at-the-market equity program, as noted in their press releases, increasing Class A shares from 183 million to 225.8 million. Specific 8-K filings detail:

This activity, detailed in their 8-K filings, reflects their ongoing treasury strategy, which could impact ownership percentages. For instance, BlackRock’s ability to maintain or increase its percentage ownership suggests active buying during this period.

Calculating the USD Value of BlackRock’s Ownership

To determine the USD value of BlackRock’s ownership, we multiply the number of shares by the current stock price of MSTR. Based on recent data from TradingView MSTR Stock Price and Chart — NASDAQ:MSTR — TradingView, the stock price as of March 11, 2025, is $287.18. Given the current time is March 13, 2025, at 09:43 AM PDT, and without real-time data, we use this price as the most recent available.

Using BlackRock’s ownership of 11,262,168 shares:

  • Value = 11,262,168 * 287.18 = 3,234,269,406.24

Thus, the USD value of BlackRock’s ownership is approximately $3,234,269,406, or about $3.23 billion when rounded for simplicity.

Implications and Why It Matters

BlackRock’s ownership of approximately 11.26 million shares of MSTR, valued at around $3.23 billion, is significant for several reasons:

  1. Market Perception and Stock Price Influence: As one of the world’s largest asset managers, BlackRock’s investment decisions can significantly influence market perceptions. An increase in its stake, as seen in Q4 2024, might signal to other investors that MSTR is a good investment, potentially driving up the stock price. This is particularly relevant given MSTR’s 540% stock returns over the past year, as noted in Coinspeaker BlackRock Increases Ownership of Strategy.
  2. Company Governance and Strategic Direction: With a substantial ownership stake, BlackRock can have a say in important company decisions, such as board appointments or strategic directions. This can affect how MSTR is managed and its future performance, especially given its unique Bitcoin strategy.
  3. Confidence in MSTR’s Bitcoin Strategy: Given MSTR’s significant Bitcoin investments, BlackRock’s continued or increased ownership can be seen as a vote of confidence in both MSTR’s business model and its Bitcoin strategy. This is particularly notable as MSTR holds 446,400 BTC as of December 30, 2024, making it a proxy for institutional Bitcoin exposure MicroStrategy Press Release December 30, 2024.
  4. Investor Interest and Stability: Knowing that a major institutional investor like BlackRock holds a significant portion of MSTR’s shares, valued at $3.23 billion, can provide stability and attract other investors, as it suggests that the company is financially sound and has potential for growth. This is especially important given the volatility in cryptocurrency markets.

An interesting detail is the significant increase in MSTR’s shares outstanding, with estimates ranging from 202 million to over 240 million, due to equity issuances for Bitcoin purchases. This increase, detailed in recent SEC filings, affects ownership percentages and highlights MSTR’s aggressive capital-raising strategy, which could dilute existing shareholders but also fund further Bitcoin acquisitions.

Table: Summary of Key Data Points

DateSourceBlackRock SharesOwnership %Total Shares Outstanding (Class A)Notes
Sep 30, 2024Yahoo Finance~8.26M4.09%202.64M (Class A + B)Previous ownership percentage
Dec 31, 2024SEC Schedule 13G Filing11,262,1685.0%~225.24M (Estimated)Based on Class A shares
Dec 29, 2024MSTR SEC 8-K FilingN/AN/A225,819,000 (Class A)Post-issuance, includes Class B
Feb 7, 2025CoinDesk Article~11.2M5%~224M (Estimated)Based on Schedule 13G filing
Jan 26, 2024Fintel.io1.02M7.5%Not specifiedOutdated, pre-issuance

Conclusion and Recommendations

Given the available data, BlackRock’s ownership of MSTR is most reliably reported at 11,262,168 shares as of December 31, 2024, from the SEC Schedule 13G filing, representing about 5% ownership of Class A shares. The USD value, based on the stock price of $287.18 as of March 11, 2025, is approximately $3,234,269,406. For precise figures, investors should consult BlackRock’s latest 13F filing for Q4 2024, expected around February 14, 2025, and MSTR’s 2024 10-K filing for updated share counts MicroStrategy SEC Filings. This analysis underscores the importance of cross-referencing multiple sources due to potential reporting variations in financial data.

Key Citations

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