CoinGecko mNAV is enterprise value divided by all crypto held, which can include assets besides Bitcoin. Gross Bitcoin value is not company value or net assets. Below 1.0x does not establish undervaluation.
Reported Bitcoin balance history
Strategy · BTC balances at source events
848,517 BTCOct 19, 2026 UTC
+6,380.00 BTC change since the first displayed event. Not a daily purchase series.
8 source events. No balance is carried forward or inferred between dots. Source event dates are not independently checked filing dates.
Exact source records
Strategy · provider event balances
Source event date (UTC)
BTC balance
2026-08-03
842,137.00000000
2026-08-10
840,447.00000000
2026-08-31
845,050.00000000
2026-09-21
846,000.00000000
2026-09-28
847,665.00000000
2026-10-05
847,999.00000000
2026-10-12
848,250.00000000
2026-10-19
848,517.00000000
Coverage and pending data
Still pending: historical mNAV and USD valuations; filing-level validation of debt, cash, preferred claims, diluted shares and disclosure dates. Company coverage remains limited.
Existing observations keep their original retrieval times after a failed refresh. Data older than 48 hours is unavailable. Provider methodology.
Mirae Asset Financial Group just made its Strategy position a bit heavier. The firm raised its stake in the Bitcoin-hoarding company by 24%, bringing its total to 168,634 shares.
What Mirae actually bought
The purchase came through Mirae Asset Global Investments, the asset management arm of the broader Mirae Asset Financial Group. It took place during the third quarter of 2026, with the position measured as of September 30.
Over the quarter, the firm added approximately 32,683 shares of Strategy Inc., which trades on Nasdaq under the ticker MSTR. The full position of 168,634 shares carries a value of $25.8 million.
Twenty-five million dollars sounds like real money. For Mirae, it works out to about 0.05% of its total portfolio.
The disclosure surfaced through Mirae’s 13F filing from late October 2026. A 13F is a quarterly report that large US-regulated investment managers must file, listing their equity holdings.
This was not a one-off. Mirae Asset has been adding to its MSTR position periodically since the second quarter of 2024. The latest increase continues a pattern of steady, incremental buying rather than a single splashy bet.
Strategy Inc. is the company formerly known as MicroStrategy. It is recognized as the largest corporate holder of Bitcoin in the world.
The company built that position by raising money through equity offerings and debt issuance, then using the proceeds to buy more Bitcoin. That approach has turned the stock into something closer to a leveraged Bitcoin proxy than a traditional software company.
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For an institution like Mirae, buying MSTR shares offers a particular kind of convenience. Instead of custodying Bitcoin directly, the firm can hold a publicly traded equity that moves with Bitcoin. Owning a Nasdaq-listed stock is a familiar process. Holding a digital asset directly can involve custody questions, compliance reviews and board-level conversations nobody enjoys scheduling.
The bigger Mirae picture
Mirae Asset Financial Group manages more than $722 billion in assets.
The firm has also laid out a roadmap it calls “Mirae Asset 3.0.” The plan aims to combine traditional financial models with new digital asset experiences.
The 0.05% allocation also signals caution. Mirae is clearly interested in Bitcoin-linked exposure. It is equally clear that it is not betting the house on it.
What this means for investors and the market
Mirae’s continued buying, quarter after quarter since 2024, suggests the firm sees ongoing value in having this exposure on the books.
The move also fits a broader trend of Asian financial firms seeking indirect Bitcoin exposure through publicly traded companies. MSTR has become one of the most obvious vehicles for that, largely because of the sheer size of Strategy’s Bitcoin treasury.
There is a flip side worth keeping in mind. A stock that behaves like a leveraged Bitcoin bet amplifies both directions. When Bitcoin rallies, MSTR can outrun it. When Bitcoin falls, holders can feel it more sharply.
Mirae’s small allocation suggests the firm understands that risk profile. Keeping the position at 0.05% of the portfolio limits the damage if things go sideways, while still giving the firm upside exposure if they do not.
For anyone tracking institutional crypto adoption, the real signal is consistency rather than size. A single large purchase can be a headline. Repeated, incremental purchases from a firm managing over $722 billion look more like a policy.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
