Wall Street dumps $5.4B in MicroStrategy as crypto investing evolves
Big players like BlackRock, Vanguard, and Fidelity cut their MicroStrategy (MSTR) holdings by approximately $5.4 billion in Q3 2025, dropping total exposure by nearly 15%.
This signals that Wall Street is moving away from using MSTR as a stand-in for Bitcoin.
Why does this matter?
MicroStrategy's stock now basically tracks the value of its Bitcoin stash—gone are the days of trading at a big premium.
The company faces more risk from share dilution and debt, plus it could get kicked out of major indexes, putting even more pressure on its stock.
What's behind the shift?
With regulated Bitcoin ETFs and easier custody options now available, investors don't need to rely on complex setups like MSTR to get Bitcoin exposure.
Even though Bitcoin nearly hit $95K last quarter, concerns about governance and volatility have investors leaning toward direct crypto investments instead.