What BNY Mellon actually boughtThe purchases, disclosed in recent filings, span 12 separate custody and discretionary mandates. Beyond the equity stake, BNY Mellon also holds two small tranches of MicroStrategy convertible notes worth a combined $547,000 or so. For institutional investors like BNY Mellon, this structure solves a genuinely annoying problem. BNY Mellon itself oversees more than $45 trillion in assets under custody and administration and manages approximately $2.1 trillion in assets under management. The institutional trend is acceleratingThe 12 mandates through which BNY Mellon holds its MSTR position suggest this isn’t speculative positioning.