Bank of America dumps 80% of its Strategy shares, trimming position to $110M

Bank of America just pulled off one of the more dramatic institutional exits from Strategy Inc this year. The bank reduced its position in Michael Saylor’s Bitcoin-centric company by roughly 70%, going from about 4 million shares worth $495 million down to approximately 1.2 million shares valued around $110 million.

The move, documented in BofA’s latest 13F filing covering Q2 2026 holdings, is particularly striking given the bank had actually increased its stake just one quarter earlier. In Q1 2026, BofA bumped its position up by about 3.1%, bringing its holdings to roughly 3.97 million shares valued at $494.9 million.

What BofA’s filing actually shows

The numbers tell a clear story of aggressive de-risking. Bank of America went from being one of the larger institutional holders of MSTR to a comparatively modest position of around 1.2 million shares. BofA shed roughly 2.8 million shares in a single quarter.

Neither Bank of America nor Strategy Inc executives have commented publicly on the transaction. These filings are backward-looking snapshots of what a fund held on the last day of the quarter, not real-time trade logs.

It’s also worth noting that 13F filings only show the long equity side of a portfolio. They don’t capture short positions, derivatives, or hedging strategies. So while the headline number looks like a massive retreat, BofA’s actual exposure to MSTR could be more nuanced than the raw share count suggests.

Strategy’s Bitcoin playbook and why institutions care

Strategy Inc, formerly known as MicroStrategy, has become one of the most polarizing stocks in finance precisely because it functions as a leveraged bet on Bitcoin. Under Executive Chairman Michael Saylor, the company has pursued an aggressive strategy of raising equity and debt to purchase Bitcoin, effectively transforming what was once a business intelligence software firm into a publicly traded Bitcoin holding company.

For a bank the size of Bank of America, holding nearly half a billion dollars in a single stock with that kind of volatility profile represents meaningful concentration risk.

Reading the tea leaves for Bitcoin and MSTR

BofA still holds roughly $110 million worth of MSTR. That’s not nothing. It suggests the bank hasn’t abandoned the thesis entirely, just right-sized the bet.

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