One of Europe’s best-known insurance groups just made its Bitcoin bet a lot bigger. It did so without buying a single coin.
Generali Group disclosed that it purchased 100,985 additional shares of Strategy Inc. (NASDAQ: MSTR), bringing its total position to 237,930 shares.
What Generali actually bought
The purchase came through Generali Asset Management SPA SGR, the group’s investment arm, during the third quarter of 2026. The full stake is valued at approximately $36.4 million.
Some quick subtraction shows Generali held 136,945 shares before the latest round.
The Strategy position represents about 0.64% of Generali’s overall portfolio, and it ranks 35th among its holdings. That portfolio contains billions of dollars in assets under management.
The insurer is also in familiar company. Vanguard and BlackRock have both increased their Strategy holdings as well, and institutional ownership of the stock sits at approximately 59.84%.
Why Strategy is the Bitcoin proxy of choice
Strategy was once known mainly for business intelligence software. That changed in 2020. Under Executive Chairman Michael Saylor, the company pivoted to a Bitcoin-centric model and started using its balance sheet as a vehicle for accumulating the asset.
The playbook has been consistent. Strategy raises capital through equity offerings and convertible notes, then uses the proceeds to buy more Bitcoin.
The company formally rebranded from MicroStrategy to Strategy in 2025.
As of late October 2026, Strategy reportedly holds over 848,000 Bitcoin. Its average acquisition cost sits at around $75,400 to $75,500 per coin.
One notable evolution is worth flagging. Strategy has moved away from its long-held “never sell” stance on Bitcoin and now uses selective monetization strategies while continuing to accumulate.
What this means for investors and the Bitcoin treasury trade
Many traditional institutions face mandates, compliance rules, or custody hurdles that make holding Bitcoin directly complicated. Buying Strategy shares sidesteps those obstacles. The investment sits in a regulated equity account and trades on a major US exchange.
The trade-off is that Strategy is not a pure Bitcoin tracker. Its stock reflects the coin’s price, plus the company’s capital structure, its debt obligations, and the market’s opinion of its management decisions.
At 0.64% of its portfolio, Generali’s stake can rise or fall sharply without endangering the insurer’s broader business.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.