Citigroup just added another 238,538 shares of Strategy (NASDAQ: MSTR) to its portfolio, spending roughly $22 million on the purchase. The move brings Citi’s total position in the Bitcoin treasury company to 961,554 shares, now valued at approximately $90.5 million.

The slow and steady accumulation

This latest buy wasn’t Citi’s first rodeo with Strategy shares. The bank had previously scooped up 723,016 shares valued at around $41.2 million, making this new purchase a meaningful escalation of its existing bet.

Citi also initiated research coverage of MSTR on October 21, 2025, slapping a Buy/High Risk rating on the stock with a price target of $485 per share.

Why Strategy and not just Bitcoin

Strategy, formerly known as MicroStrategy, has transformed itself into what is essentially a Bitcoin holding company wrapped in a NASDAQ-listed equity. Its Bitcoin treasury reportedly exceeds 840,000 BTC, making it by far the largest corporate holder of the cryptocurrency on the planet.

The trade-off is that MSTR often trades at a premium or discount to its underlying Bitcoin net asset value, depending on market sentiment. When optimism runs high, investors pay more per share than the Bitcoin backing would justify. When fear creeps in, the discount can be punishing.

What this signals for institutional crypto adoption

The broader trend is unmistakable. Strategy has positioned itself as a delivery mechanism for institutional Bitcoin exposure, using equity and preferred stock offerings to fund its Bitcoin purchases while giving institutional investors a regulated vehicle to ride along.

The $485 price target Citi assigned when it initiated coverage suggests the bank sees meaningful room for the stock to appreciate from current levels.