Major Institutions Exit $5.4B in MSTR Even With Bitcoin Near 95K

Large asset managers have quietly trimmed massive positions in Strategy (previously MicroStrategy) this year. According to new disclosures, institutions cut around $5.4 billion in MSTR exposure in Q3. This happened even as Bitcoin traded near the $95,000 level. Names like Vanguard, BlackRock and Fidelity reportedly reduced their stakes. That selling helps explain recent pressure on Strategy’s share price. 

However, it does not necessarily mean they have abandoned Bitcoin itself. For many funds, this looks like classic risk management after a strong rally. Commentators noted that Strategy’s stock acts like “Bitcoin with leverage.” When it rallies, it moves hard. When it corrects, it can drop even faster. So, trimming exposure after all-time highs fits typical institutional behavior. They often lock in profits when volatility is high and headlines are loud.

JPMorgan, Index Rules, and Delisting Fears

At the same time, JPMorgan and index provider MSCI are under fire on crypto Twitter. Critics say Strategy and other digital asset treasury companies or DATs, face unfair treatment. MSCI launched a consultation on how to handle companies that mainly hold Bitcoin or other digital assets on their balance sheets. It proposed excluding firms whose digital asset holdings make up at least 50% of total assets from key indexes. That change could hit Strategy and others that use a “Bitcoin-as-treasury” strategy.

Peter Schiff amplified concerns by warning that Strategy might be removed from major global equity indexes. He argued the company behaves more like a leveraged Bitcoin vehicle than a traditional operating business. If index providers follow that logic. Some passive funds tracking those indexes may eventually be forced to reduce or exit positions in MSTR.

Allegations of a Coordinated “Hit Job”

Not everyone sees this as a neutral rules tweak. Some market voices claim there is a “coordinated attack” on Strategy and DATs more broadly. They point to a timeline of events involving short sellers, margin hikes on MSTR trading. With MSCI’s evolving treatment of digital asset treasuries. One long post framed the sequence as a deliberate effort to choke off capital to Bitcoin-focused corporates. 

It cited higher margin requirements on MSTR at JPMorgan and MSCI’s decision not to fully reflect Metaplanet’s capital raise. Which was mostly earmarked for Bitcoin purchases. Critics say these moves send a chilling message to other companies considering a similar strategy. These claims remain unproven. But they are gaining attention, especially among Bitcoin supporters who already distrust large banks and legacy finance players.

Max Keiser, Short Squeeze Hype, and JPMorgan Backlash

Adding more fuel, broadcaster Max Keiser and others are now floating dramatic scenarios. Some posts claim, without hard evidence. That JPMorgan holds a huge short position in MSTR that could become dangerous if the stock jumps 50% or more. Commentators are even invoking “GameStop vibes” and calling for a coordinated push to squeeze shorts.

So far, there is no public filing confirming a massive short book at JPMorgan. Its latest disclosures actually show a long position in Strategy. Still, the story is resonating online. At the same time, there is a growing call to boycott JPMorgan. Real estate investor Grant Cardone said he closed his JPM account and moved funds to another bank. Others cite older controversies, including the bank’s links to Jeffrey Epstein, as reasons to walk away.

Currently, one thing is clear. Big institutions are reducing exposure to MSTR and index rules are under review. Also, social media is turning Strategy into the latest symbol of the fight between Bitcoin believers and Wall Street.