Eric Balchunas, an ETF analyst at Bloomberg, recently highlighted an intriguing development in the GRNY fund (Fundstrat Granny Shots US Large Cap ETF), managed by Tom Lee, Chairman of BitMine. Starting in mid-August, the fund aggressively boosted its Strategy (MSTR) position, taking the stock from the smallest holding in the portfolio to the largest in about two weeks. As of September 3, MSTR accounted for 3.02% of the portfolio, surpassing Robinhood at 2.99%. This accumulation took place right before MSTR rallied by about 46%.

A large-cap fund ineligible to buy MSTR, yet it bought anyway

GRNY is an ETF that tracks US large-cap equities, and Strategy technically still belongs to that cohort. However, MSTR is hardly a typical stock for a large-cap fund: it fluctuates with the price of Bitcoin, plunged more than 50% during the crash in early 2026 when capital pulled out of the entire crypto market, and STRC (Strategy’s preferred stock) once dropped from $100 to $69 in just a few weeks.

For a large-cap fund to actively push MSTR into the No. 1 position, overtaking Robinhood, reveals a great deal about how the fund manages risk. It does not treat MSTR as an ordinary technology stock, but rather as an indirect vehicle for investing in Bitcoin with corporate leverage. Tom Lee is widely recognized for his bullish stance on Bitcoin and serves as Chairman of BitMine, the firm holding the market’s largest Ethereum treasury. This is a fund run by someone who pursued this direction deliberately.

A few caveats before reading too deeply into the numbers

First, 3.02% is not an overwhelming figure. It exceeds Robinhood by just 3 percentage points, keeping the fund within the confines of a diversified large-cap portfolio rather than going “all-in” on MSTR.

Second, index-tracking ETFs are governed by specific portfolio rebalancing rules. GRNY is not a pure index fund (the full name “Granny Shots” clearly reflects Tom Lee’s active stock selection), yet such an increase in positioning still reflects a dual effect: both additional fund purchases and MSTR’s own price appreciation expanding its weighting.

Third and most importantly: the post does not disclose what price the fund bought at, and “buying before the 46% rally” was identified by Balchunas via holdings data, with no official confirmation from the fund itself. The narrative of a “renowned fund buying ahead of a price surge” is always prone to being interpreted as greater foresight than is actually the case. Balchunas is a reputable analyst and holdings data is public, but the purchases may simply reflect the fund rebalancing according to its own rules.

What this means for crypto investors

A public ETF elevating a Bitcoin treasury stock to its top holding forms a new bridge between the two worlds. Retirement fund investors, 401(k) account holders, and traditional large-cap ETF buyers now hold indirect exposure to Bitcoin risk through MSTR, often without ever knowing it.

During the run-up from late August to early September, crypto-related stocks jumped across the board: Strategy gained about 15%, while Coinbase rose more than 10%. When Bitcoin broke above $80,000, treasury stocks accelerated even faster. If the market enters another pullback, the downturn will follow the very same mechanism, with amplified leverage.

This relationship cuts both ways. For those holding GRNY or similar funds, the right move is not to panic, but to understand precisely what they own: a large-cap portfolio with an above-average weighting in a Bitcoin-linked stock. For those following the crypto space, GRNY serves as one of the clearest examples of Bitcoin making its way into traditional portfolios via corporate equities rather than spot ETFs.