Tom Lee’s Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) significantly increased its allocation to MicroStrategy (MSTR) in the Q2 2026 rebalance. According to historical holdings data cited by Bloomberg ETF analyst Eric Balchunas, MSTR’s weighting in the fund rose to 3.02%, surpassing Robinhood to become the largest holding.
MSTR weight increased to 3.02%
Before this rebalance, MSTR accounted for only approximately 0.45% to 0.50% of the GRNY portfolio. Over the past two weeks, this allocation was significantly increased, ultimately rising to 3.02%. Robinhood’s current weight is 2.99%, making it overtaken by MSTR.
Tom Lee stated that during this quarter’s rebalancing, the large-cap portfolio added 6 stocks and removed 7, while the small- and mid-cap portfolio added 8 stocks and removed 7. After the rebalancing, the total assets under management for the Granny Shots series increased to $5.1 billion, with the flagship product, GRNY, reaching approximately $4.489 billion.
Rebalancing is based on a predefined stock selection framework.
GRNY employs a systematic stock selection approach, combining Fundstrat’s macro research with quantitative screening. Under its framework, a company must meet at least two of seven investment themes to be considered for inclusion in the portfolio. The fund re-evaluates and rebalances its holdings quarterly.
The report noted that MSTR combines Bitcoin exposure, technology characteristics, and sensitivity to changes in the financial environment, making it aligned with the fund’s current allocation strategy. Tom Lee also stated that this rebalancing reflects the portfolio’s tilt toward “high-quality growth” and “high-quality cyclical” themes, consistent with the current interest rate environment and tactical and seasonal outlooks.
However, this does not mean that GRNY has announced a separate plan for long-term, continuous增持 of MSTR. The fund’s future holdings may still be adjusted in its next quarterly rebalancing.
MSTR has outperformed Bitcoin in recent price gains.
After the position adjustment, MSTR's stock performance significantly outpaced Bitcoin. Reports show that over the past month, Bitcoin rose approximately 26%, while MSTR increased by 46%. Due to Strategy’s substantial Bitcoin holdings, the market typically views MSTR as a leveraged equity exposure to Bitcoin’s price movements.
As a result, after increasing its weighting in MSTR during this rebalancing, GRNY coincided with a strong upward rally in the stock, making it a focal point of market attention.