Gulf International Bank (GIB) UK, linked to the Saudi Arabian government, maintained 19,842 shares of Strategy, keeping indirect investment exposure to bitcoin.

On Oct. 22 (local time), blockchain media outlet U.Today reported that the bank disclosed its Strategy holdings as of the end of September through a U.S. Securities and Exchange Commission (SEC) Form 13F filing.

The filing showed the value of GIB UK's Strategy stake was about $3.04 million at the end of the third quarter. At current market levels, it is valued at about $2.9 million. In the filing, the bank said it did not adjust its Strategy holdings during the third quarter of 2026.

The holding is not a new entry. Gulf International Bank has had bitcoin-related exposure through Strategy shares since 2024. Its first holding report was in the second quarter of 2024. At the time, it held 1,285 Strategy shares valued at about $1.77 million. Adjusted for a 10-for-1 stock split in August 2024, that amount corresponds to 12,850 shares.

The size of the holding later moved significantly. As of the end of June 2025, it held 12,774 shares valued at about $5.16 million. That was the highest value, at a quarter-end basis, among the bank's reported Strategy holdings so far. By the end of 2025, the holding rose to 13,249 shares, but its value fell to about $2.01 million.

In 2026, there was also a change in its holding strategy. In the first quarter, the bank bought an additional 6,958 shares, increasing total holdings to 20,207 shares. That was an increase of about 53 percent by share count. In the second quarter, it reduced the holding by 365 shares to 19,842 shares, and the value was about $1.72 million as of the end of June. In the third quarter, the share count was maintained.

The key in this investment is that it is indirect exposure rather than direct holding. Gulf International Bank is linked to bitcoin price movements by holding Strategy shares. Strategy is a company led by Michael Saylor, and is the world's largest corporate holder of bitcoin. Strategy's cryptocurrency holdings rose to 848,517 BTC after its latest purchase disclosed on the 19th.

Gulf International Bank's governance structure is also drawing market interest. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, holds 97.2 percent of Gulf International Bank. As a result, the holding is interpreted as a case in which Saudi funds are indirectly exposed to bitcoin through Strategy.

The market is focusing on the fact that the share count did not change throughout the third quarter. Gulf International Bank said in its recent filing that it did not adjust its Strategy holding, and the share count was the same at the end of the second and third quarters. It was also confirmed that a financial institution linked to the Saudi government is maintaining exposure not to the volatile cryptocurrency itself but through a stake in a listed company. As a result, in future disclosures, a key point to watch is not only changes in the share count but also how Strategy's share price and bitcoin price movements affect the size of the investment.