[Wall Street recently reduced approximately $540 million worth of Strategy stock, with institutional holdings in MSTR decreasing by about 14.8% during Q3] According to Cryptoslate, Wall Street recently sold approximately $540 million worth of Strategy (MSTR) stock, signaling a diminishing role for the company as a Bitcoin proxy. MicroStrategy, once a popular choice among institutional investors due to its Bitcoin holdings, has seen a shift as Bitcoin spot ETFs and other direct holding tools become more prevalent, leading institutional investors to opt for more direct Bitcoin exposure. Data shows that during Q3, the institutional holdings value of MSTR decreased by about 14.8%, involving major fund managers such as Capital International, Vanguard, BlackRock, and Fidelity. Nevertheless, MSTR still holds over $30 billion in institutional market exposure and may increasingly be used as a tactical hedging or leverage tool in the future.