Major financial institutions have actively reduced their exposure to MicroStrategy (MSTR) by approximately $5.4 billion in the third quarter of 2025, according to CryptoSlate. Despite Bitcoin maintaining a price near $95,000 and MSTR's stock price remaining stable, this reduction indicates a strategic shift rather than forced liquidation. Prominent investors such as Capital International, Vanguard, BlackRock, and Fidelity have significantly decreased their holdings in MSTR. This move reflects a broader trend on Wall Street, where investors are transitioning from using MSTR as a Bitcoin proxy to seeking more direct and compliant Bitcoin exposure through vehicles like spot ETFs and custodial solutions.