Multiple institutions reduced their holdings in Strategy, with a reduction scale of approximately 5.4 billion dollars

Multiple institutions have actively reduced their exposure to Strategy (MSTR), with a reduction scale of approximately $5.4 billion.

It is noteworthy that Bitcoin has remained around $95,000 during the same period, and MSTR's stock price has also been relatively flat, indicating that this is not a passive liquidation but rather an active reduction by institutions. Major funds such as Capital International, Vanguard, BlackRock, and Fidelity have all significantly reduced their positions, and reports suggest that this indicates Wall Street is gradually shifting from the old path of "MSTR as a Bitcoin proxy" to more direct and compliant Bitcoin exposure (such as spot ETFs and custody solutions).