Despite stable Bitcoin prices, institutional investors reduced their stakes in MicroStrategy during Q3 2025. This shift suggests a change in how institutions are approaching exposure to Bitcoin. Microstrategy had become a popular choice for funds seeking indirect Bitcoin ownership, as it provided access to the cryptocurrency through its stock holdings after years of accumulating Bitcoin on its balance sheet. This strategy worked well when Bitcoin prices surged earlier in 2021, with MicroStrategy’s share price often exceeding the value of the Bitcoin held per share. However, the dynamic has shifted recently, thanks to newly available regulatory avenues for direct Bitcoin ownership. With more options now readily accessible, institutions are exploring new approaches to invest in Bitcoin without relying solely on a single company like Microstrategy.