PANews reported on November 24 that, according to cryptoslate, Wall Street recently reduced its holdings of Strategy (MSTR) stock by approximately $540 million, marking a gradual fading of its role as a proxy for Bitcoin. MicroStrategy was once a popular choice among institutional investors due to its Bitcoin holdings, but with the proliferation of Bitcoin spot ETFs and other direct holding instruments, institutional investors are turning to more direct Bitcoin exposure.

Data shows that MSTR's institutional holdings decreased by approximately 14.8% during Q3, involving major fund managers such as Capital International, Vanguard, BlackRock, and Fidelity. Despite this, MSTR still holds over $30 billion in institutional market exposure, which may be used more for tactical hedging or leverage in the future.