Strategy and Robinhood Among Top Holdings in $4.53 Billion US Large-Cap ETF
As of September 4, 2026, the Fundstrat Granny Shots US Large Cap ETF (ticker: GRNY), managing approximately $4.53 billion in assets, disclosed its top equity holdings. Leading the list is Strategy (MSTR), a company known for holding significant bitcoin assets, representing 3.02% of the fund. Close behind is retail trading platform Robinhood Markets (HOOD), comprising 2.99%. Together, these two account for 6.01% of GRNY's portfolio.
Although the ETF exclusively holds stocks and does not directly invest in bitcoin, its concentrated positions in firms tied to cryptocurrency markets provide investors with indirect exposure to the sector’s volatility.
Portfolio Rebalancing and MSTR Share Price Surge Influence Holdings
On August 21, 2026, the fund underwent a rebalancing that equalized the weighting of all constituent stocks. Neither Strategy nor Robinhood was newly added during this adjustment; both were retained. The rebalance introduced names like Freeport-McMoRan, Intel, and Lockheed Martin, while removing others such as Air Products, American Express, Meta Platforms, and Broadcom.
Following the adjustment, Strategy’s shares jumped from $119.25 on August 21 to $144.82 by September 3—a gain of around 21.4%. This rally pushed MSTR’s weight well above the equal-weight target (~2.38%), elevating it to the fund’s largest position.
The ETF’s daily management is overseen by Tom Lee and Ken Xuan, with trade execution led by Qiao Duan and Stephen Foy, indicating that shifts in holdings reflect multiple factors, including price movements, rather than singular investment decisions. The available data does not isolate the respective impacts of net inflows, stock purchases, or market-driven price increases on the holdings’ proportions.
Distinct Crypto Exposure Profiles in Strategy and Robinhood
The two companies’ exposure to the cryptocurrency sector stems from differing business models:
Strategy holds approximately 845,050 bitcoins as of August 30, 2026, making its market capitalization directly sensitive to bitcoin price fluctuations and subject to capital structure and leverage considerations.
Robinhood reported about $100 million in crypto-related trading revenue during Q2 2026, part of its $1.31 billion total revenue. Variations in crypto trading volumes impact its earnings but are balanced by diversified business lines.
Thus, the ETF’s allocation to these firms does not equate to direct bitcoin ownership but entails varied risk exposures associated with crypto markets through operational or asset holdings.
Crypto Risk Integration Within Mainstream Equity Funds
Unlike direct bitcoin exchange-traded products such as BlackRock’s iShares Bitcoin Trust, GRNY constructs exposure through select equities. Fund holders gain sensitivity to crypto market dynamics indirectly via stock price movements influenced by industry trends, regulatory changes, and management decisions.
Currently, there is no indication that the fund is broadly substituting direct crypto asset allocations with equity proxies. However, its portfolio underscores how cryptocurrency market volatility can permeate traditional equity investment vehicles.
Implications for Investors Monitoring Crypto-Linked Equity Exposure
GRNY’s recent portfolio disclosures highlight the challenge for typical large-cap ETF investors in identifying embedded cryptocurrency risks in their holdings. While adhering to its active management approach and large-cap equity mandate, the prominence of Strategy and Robinhood signals heightened sensitivity to digital asset market developments.
Investors should remain attentive to ongoing fund disclosures and stock performance to understand how crypto market movements might affect their broader portfolios.