Bitcoin Holds Steady as Major Institutions Cut $5.4B in MicroStrategy (MSTR) Holdings in Q3 2025, Pivot to Direct BTC Exposure

In a late-Q3 update, multiple institutional players trimmed exposure to MicroStrategy (MSTR) by an estimated $5.4 billion, according to CryptoSlate via COINOTAG News. With Bitcoin hovering near $95,000 and MSTR trading in a subdued range, the moves reflect deliberate portfolio rebalancing rather than forced liquidations. The data suggest a shift in how major managers view MSTR: less as a Bitcoin proxy, more as an independent equity with strategic crypto linkage. This trend aligns with broader risk controls and disciplined capital governance in the quarter.

Leading asset managers such as Capital International, Vanguard, BlackRock, and Fidelity reduced their stake in MSTR, fueling talk that Wall Street is moving away from the old approach of treating MSTR as a Bitcoin proxy. Market participants are increasingly seeking direct Bitcoin exposure via spot ETFs and custody solutions, signaling a shift toward compliant, liquid crypto exposure amid a changing crypto market landscape.