Mitsubishi UFJ Asset Management, an affiliate of Japan's Mitsubishi UFJ group, sharply increased its holdings in bitcoin-holding company Strategy shares, expanding its indirect exposure to bitcoin.

U.Today, a blockchain media outlet, reported on Monday that Mitsubishi UFJ Asset Management recently bought an additional 53,430 Strategy shares, bringing its total holdings to 360,613 shares. That is an increase of about 17.4 percent from 307,183 shares. The stake is estimated to be worth about $35 million.

The holding should not be interpreted as a direct investment by Mitsubishi UFJ Financial Group (MUFG) itself. The shares are a position linked to Mitsubishi UFJ Asset Management, a wholly owned MUFG subsidiary.

Strategy is the world's largest corporate holder of bitcoin and has incorporated bitcoin as a core treasury asset. Mitsubishi UFJ Asset Management's investment can therefore be seen as indirect exposure to bitcoin price moves through Strategy shares.

Mitsubishi UFJ Asset Management has a long history of investing in Strategy. Based on 13F filings, it held about 2,000 MicroStrategy shares in 2011 and reported about 3,700 shares in March 2013. Its holdings were not confirmed in filings for some time, before reappearing in 2023.

The pace of increases has been particularly notable since 2023. It held just 14 shares as of September 2023, but that rose to about 103,000 shares by the end of 2024. As of March 31 this year, holdings increased to 307,183 shares, and the latest filing expanded them again to 360,613 shares.

Moves by Japanese institutional investors to increase Strategy investments are also continuing. Major Japanese financial institutions such as Nomura Holdings and Sumitomo Mitsui Trust Holdings are also cited as institutions holding significant MSTR exposure.

This trend also aligns with changes in Japanese companies' bitcoin investment strategies. Tokyo-listed MetaPlanet has expanded its bitcoin holdings since adopting bitcoin as a core treasury reserve asset in April 2024.

In Japan's financial sector, strategies are emerging in which companies buy shares in bitcoin-holding firms such as Strategy to gain indirect exposure to price gains, in addition to directly holding bitcoin.

The market is watching whether Japanese institutional investors, including Mitsubishi UFJ Asset Management, will further increase exposure to Strategy. With MSTR holdings having risen quickly since 2023, attention is focused on whether additional purchases will continue in future filings.