Fundstrat Granny Shots US Large Cap ETF (GRNY), managed by BitMine Chairman Tom Lee, has sharply increased its position in Strategy (MSTR) just weeks before Strategy’s stock surged 46%. The move pushed MSTR from one of the fund’s smallest holdings to its largest, surpassing Robinhood (HOOD).

This raised questions about why GRNY increased its exposure, and what their strategy was behind it.

GRNY Makes MSTR Its Largest Holding Surpassing Robinhood

According to historical portfolio data shown by Bloomberg ETF analyst Eric Balchunas, Tom Lee’s Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) made a major change to its portfolio during the August 2026 quarterly rebalance.

MSTR, which previously made up only around 0.45% – 0.50% of the GRNY fund, increased to 3.02% over the last two weeks, making it the largest holding.

One interesting situation our Blue Horseshoe tool flagged early was $GRNY buying a big chunk of $MSTR in mid-Aug which caused it to go from the last stock in the port to the top holding in two wks flat (prior to a 46% run in the stock so good call). Also notable bc of the GRNY's… pic.twitter.com/pnIRTzqYYw

— Eric Balchunas (@EricBalchunas) September 4, 2026

The move also pushed MSTR ahead of Robinhood (HOOD), which now accounts for 2.99% of the portfolio.

In addition to the MSTR Stock Fundstrate Capital founder Tom Lee said,

“This quarter, that process led to 6 additions and 7 deletions in large-cap and 8 additions and 7 deletions in small- and mid-cap.”

Following the August 2026 rebalance, the Granny Shots portfolio grew to $5.1 billion in combined assets under management (AUM), with its flagship GRNY ETF accounting for $4.489 billion of the total.

Why Is GRNY Increasing Its MSTR Position?

The aggressive increase in Strategy (MSTR) by the GRNY Fund was not a random bet or a short-term hype trade. GRNY follows a rules-based strategy that combines Fundstrat’s macro research with quantitative stock selection.

A company must fit at least two of Fundstrat’s seven investment themes to qualify, and the portfolio is reviewed and rebalanced every quarter.

MSTR fits this approach because of its exposure to Bitcoin, technology, and changing financial conditions. Fundstrat has also been positioning the portfolio toward quality growth, quality cyclicals, and downstream AI beneficiaries in the current market environment.

Lee also stated that, “This recent rebalance in Granny Shots reflects a shift toward ‘quality growth’ and ‘quality cyclicals’ consistent with the rate regime and our tactical and seasonal analysis. “

Importantly, this does not mean GRNY has announced a separate plan to keep buying MSTR indefinitely. Its holdings can change at the next quarterly rebalance as the fund reassesses its themes and market conditions. For now, MSTR remains GRNY’s top holding.

MSTR Stock Outperforms Bitcoin Rally

The aggressive GRNY allocation came just before MSTR shares surged 46% in a month, reaching around $142.80. The rally was supported by Strategy’s return to Bitcoin buying, with the company purchasing 4,603 BTC for about $369.7 million as Bitcoin climbed back above $81,000.

More notably, MSTR outperformed Bitcoin in a recent month. While Bitcoin gained around 26%, MSTR jumped 46%, showing how strongly Strategy’s stock can move when Bitcoin rallies.

Since Strategy holds a large amount of Bitcoin, investors often treat MSTR as a way to get stronger exposure to Bitcoin’s price moves.

Therefore, it’s believed that GRNY Fund increased its allocation in MSTR.