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How many shares does blackrock own MSTR

Why does this Matter

Key Points

  • Research suggests Blackrock owns approximately 11.2 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 unexpected detail is the significant increase in MSTR’s shares outstanding, affecting ownership percentages.

Ownership Estimate
Blackrock, a major investment firm, seems to own around 11.2 million shares of MicroStrategy (MSTR), based on a Schedule 13G filing reported in February 2025, representing about 5% ownership at the time. However, given MSTR’s recent share issuances, the exact number might vary slightly as of March 13, 2025.

Context and Significance
MicroStrategy, now rebranded as Strategy, is known for its business intelligence software and substantial Bitcoin investments. Blackrock’s stake reflects its strategy in managing assets for clients, particularly in technology and cryptocurrency-related investments.

Unexpected Detail
An interesting finding is that MSTR’s total shares outstanding have increased significantly, with estimates ranging from 202 million to over 240 million, due to equity issuances for Bitcoin purchases, which could impact ownership percentages.

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, 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, earlier reports, such as a Fintel.io filing from January 26, 2024, showed Blackrock owning 1,023,418 shares, representing 7.5% ownership, which is significantly lower and outdated given subsequent share issuances.

To contextualize, the total shares outstanding for MSTR is critical. As of December 29, 2024, an 8-K filing from the SEC 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.

Given Blackrock’s reported 11.2 million shares at 5% ownership, the total shares outstanding at the time of their filing would be approximately 224 million, suggesting the filing might predate MSTR’s late 2024 share issuance. This discrepancy highlights the dynamic nature of share counts and the need for precise timing in ownership reports.

Discrepancies and Analysis

The variation in reported ownership percentages and share counts warrants further examination. For instance, if Blackrock owns 11.2 million shares and that represents 5%, the total shares outstanding should be 224 million, but MSTR’s December 29, 2024, filing shows 245 million. This suggests Blackrock’s filing might be based on Class A shares only, with 5% of 225,819,000 being approximately 11,290,950 shares, aligning closely with the 11.2 million reported. This indicates Blackrock’s ownership is likely 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 February 2025, with an estimated 224 million shares outstanding at the time of filing, 5% ownership aligns with 11.2 million shares, suggesting Blackrock increased its share count by approximately 2.94 million 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:

  • From November 25 to December 1, 2024, MSTR sold 3,728,507 shares (SEC Filing).
  • From December 9 to 15, 2024, MSTR sold 3,884,712 shares (SEC Filing).

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.

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, 2024Estimated (MSTR Filing)N/AN/A245.46M (Class A + B)As of Dec 29, 2024, post-issuance
Feb 7, 2025Coindesk~11.2M5%~224M (Estimated)Based on Schedule 13G filing
Jan 26, 2024Fintel.io1.02M7.5%Not specifiedOutdated, pre-issuance

Implications and Why It Matters

Blackrock’s ownership of approximately 11.2 million shares of MSTR, as of early 2025, 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.
  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 (Press Release).
  4. Investor Interest and Stability: Knowing that a major institutional investor like Blackrock holds a significant portion of MSTR’s shares 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 unexpected 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.

Conclusion and Recommendations

Given the available data, Blackrock’s ownership of MSTR is most reliably reported at approximately 11.2 million shares as of early 2025, from the Coindesk article based on a Schedule 13G filing, representing about 5% ownership at the time of filing, likely calculated on Class A shares. The discrepancy in total shares outstanding suggests the filing predates MSTR’s late 2024 share issuance, with current Class A shares at 225.8 million as of December 29, 2024. 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. This analysis underscores the importance of cross-referencing multiple sources due to potential reporting variations in financial data.

Key Citations

Key Points

  • Research suggests BlackRock owns approximately 11.2 million shares of MicroStrategy (MSTR) as of early 2025, based on recent filings.
  • The evidence leans toward this number, but there may be slight variations due to share issuances and market activities.
  • An unexpected detail is the significant increase in MSTR’s shares outstanding, affecting ownership percentages.

Direct Answer

BlackRock’s ownership of MicroStrategy (MSTR) is estimated at around 11.2 million shares, based on the most recent data available as of early 2025. This figure comes from a Schedule 13G filing reported in February 2025, indicating a 5% ownership stake. However, due to potential changes in share counts and market dynamics, the exact number might vary slightly. It’s worth noting that MSTR’s total shares outstanding have increased significantly, which could impact ownership percentages over time.

For context, MSTR is known for its business intelligence software and substantial Bitcoin investments, and BlackRock, a major asset manager, holds this stake as part of its investment strategy. If you’re looking for the latest updates, checking financial news or SEC filings closer to March 13, 2025, might provide more precise figures.

Survey Note: Detailed Analysis of BlackRock’s Ownership in MicroStrategy

This note provides a comprehensive analysis of BlackRock Inc.’s ownership of MicroStrategy Incorporated (MSTR), 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. 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, 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, earlier reports, such as a Fintel.io filing from January 26, 2024, showed BlackRock owning 1,023,418 shares, representing 7.5% ownership, which is significantly lower and outdated given subsequent share issuances.

To contextualize, the total shares outstanding for MSTR is critical. As of December 29, 2024, an 8-K filing from the SEC 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.

Given BlackRock’s reported 11.2 million shares at 5% ownership, the total shares outstanding at the time of their filing would be approximately 224 million, suggesting the filing might predate MSTR’s late 2024 share issuance. This discrepancy highlights the dynamic nature of share counts and the need for precise timing in ownership reports.

Discrepancies and Analysis

The variation in reported ownership percentages and share counts warrants further examination. For instance, if BlackRock owns 11.2 million shares and that represents 5%, the total shares outstanding should be 224 million, but MSTR’s December 29, 2024, filing shows 245 million. This suggests BlackRock’s filing might be based on Class A shares only, with 5% of 225,819,000 being approximately 11,290,950 shares, aligning closely with the 11.2 million reported. This indicates BlackRock’s ownership is likely 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 February 2025, with an estimated 224 million shares outstanding at the time of filing, 5% ownership aligns with 11.2 million shares, suggesting BlackRock increased its share count by approximately 2.94 million 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. 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.

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, 2024Estimated (MSTR Filing)N/AN/A245.46M (Class A + B)As of Dec 29, 2024, post-issuance
Feb 7, 2025Coindesk~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 approximately 11.2 million shares as of early 2025, from the Coindesk article based on a Schedule 13G filing, representing about 5% ownership at the time of filing, likely calculated on Class A shares. The discrepancy in total shares outstanding suggests the filing predates MSTR’s late 2024 share issuance, with current Class A shares at 225.8 million as of December 29, 2024. 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. This analysis underscores the importance of cross-referencing multiple sources due to potential reporting variations in financial data.

Key Citations

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