BlackRock (BLK) trimmed its stake in Bitcoin treasury company Strategy (MSTR) in the fourth quarter of 2025, according to a recent SEC filing.

As of Dec. 31, 2025, the Wall Street giant owned 14.6 million MSTR shares worth $2.2 billion at the time of disclosure, marking a 0.3% decline from approximately 14.7 million shares held in the third quarter.

The New York-based firm led by Larry Fink owns 5.5% of Strategy, according to Yahoo Finance, and ranks among the top three shareholders after Vanguard Group and Capital International Investors.

Strategy, a software firm that has transformed into a vehicle for corporate Bitcoin accumulation, is one of the most prominent publicly traded proxies for exposure to the digital asset.

BlackRock also owns shares in MARA Holdings (MARA) with around 58.6 million shares as of the latest disclosure, representing a 15% stake. This makes the firm the largest institutional shareholder of the Bitcoin miner.