Why did Wall Street dump so much MSTR? | Source: Image created with Gemini Key Takeaways Institutional investors slashed their Strategy exposure by $5.38 billion in Q3 2025. MSTR is increasingly being used as a proxy hedge for Bitcoin, according to Tom Lee. Bitcoin remains in a bearish trend. U.S. institutional investors cut their exposure to MicroStrategy (MSTR) by roughly $5.38 billion between the end of the second and third quarters of 2025, according to aggregated 13F filings. The data comes ...