With recent market volatility, the stock price of the Strategy company, famous for hoarding BTC, is starting to buckle. Although they just announced a $1.44 billion reserve fund to pay dividends and interest, the market doesn’t seem convinced—especially with rumors swirling that they might be removed from the MSCI index, causing the stock to plunge nearly 10%.

What’s interesting, though, is that a look at their shareholder list shows some major institutions are still holding their ground. Players as large as Deutsche Bank, which manages $1.6 trillion, are still invested, indicating that long-term capital hasn’t completely pulled out.

Looking at Q3-end shareholding data, Strategy’s shareholder structure is quite diversified: mutual funds and ETFs hold 25.57%, institutional investors hold 24.83%, and the remaining 49.6% is split between listed companies and retail investors. Currently, there are about 287 million shares outstanding, with a total market cap still hovering around $52.1 billion.

Digging deeper into the list of institutional holders, traditional financial giants like Vanguard, BlackRock, Morgan Stanley, and UBS Asset Management all make an appearance. This portfolio composition sends a signal: despite intense short-term volatility, the BTC treasury strategy might not be something institutions are ready to abandon just yet.