State Street Raises Strategy Stake 6% to $1.22B, Adds 12% to Strive

State Street's disclosure is a reminder that traditional custody and asset-management giants are building exposure to bitcoin-linked equities through ordinary 13F positions rather than direct crypto holdings. The scale of the Strategy position, and the smaller but faster-growing Strive stake, suggests index and passive flows may be doing as much work as conviction here. What matters is whether these positions are benchmark-driven or discretionary, since that determines how they behave in a drawdown. The next 13F cycle is the open question.