Saudi Arabia-backed Gulf International Bank (UK) reveals multimillion-dollar investment in the world's largest corporate Bitcoin holder.
As per a U.S. Securities and Exchange Commission (SEC) Form 13F filing, Gulf International Bank (UK), based in London, reported having 19,842 shares of Strategy at the end of September.
As of the third quarter, Gulf International Bank's shares in Strategy were worth about $3.04 million, though the current market estimates the value to be around $2.9 million.
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This is not the first investment in Bitcoin by the bank. In fact, Gulf International Bank (UK) has had a Strategy holding since 2024.
In its recent filing, Gulf International Bank (UK) states that it did not adjust its Strategy holding in the third quarter of 2026.
Gulf International Bank's previous Bitcoin exposure
Gulf International Bank has experienced some drastic swings in terms of its Strategy holdings over the last two years.
The first Strategy holding the bank reported was in the second quarter of 2024. At the time, the bank held 1,285 shares of MicroStrategy worth about $1.77 million.
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However, that would have been 12,850 shares after MicroStrategy's 10-for-1 stock split in August 2024.
In June 2025, Gulf International Bank (UK) owned 12,774 shares in Strategy worth about $5.16 million.
This is the highest valuation for Gulf International Bank's Strategy holding at the end of a quarter that the bank has reported so far.
By the end of 2025, Gulf International Bank had 13,249 shares of Strategy, which were worth about $2.01 million.
In the first quarter of 2026, the bank significantly increased its Strategy holdings.
The bank added 6,958 shares, bringing the total Strategy holding to 20,207 shares. This was about a 53% increase in Strategy holdings.
However, in the second quarter, the bank sold off 365 shares, resulting in a Strategy holding of 19,842 shares. These shares were worth about $1.72 million by the end of June.
And as the recent filing indicates, the Strategy holding did not change in the third quarter in terms of shares.
Saudi Arabia's indirect Bitcoin exposure
Gulf International Bank is closely linked to the Saudi government.
The sovereign wealth fund of Saudi Arabia, the Public Investment Fund (PIF), owns 97.2% of
So, in essence, this is indirect Bitcoin exposure that Gulf International Bank is getting through owning shares in Strategy, not direct Bitcoin.
Strategy's Executive Chairman Michael Saylor's firm is the world's largest corporate holder of Bitcoin.
With its latest purchase (reported on Oct. 19), the company's cryptocurrency holdings are now 848,517 BTC.