BlackRock, Vanguard, Fidelity and Capital International disposed of Strategy shares totaling $5.4 billion in the third quarter of 2025, according to CryptoSlate. The transactions occurred across institutional accounts and were recorded as part of quarterly portfolio adjustments reported for Q3 2025.

Scale of the disposals

The reported sales amounted to a combined reduction in holdings that significantly affected Strategy’s free float and trading volume over the quarter. Institutional exits of this size typically alter the distribution of shares among large holders and can increase selling pressure in secondary markets.

Market response and recent performance

Over the past month, Strategy’s market capitalization fell by 41%, reflecting a sharp decline in investor valuation and liquidity. Price moves of this magnitude coincide with heightened volatility and may trigger index rebalancing considerations for passively managed funds.

Context and prior developments

Earlier reporting and industry commentary highlighted several related developments that preceded the institutional sales. These items included changes in senior leadership, public calls to boycott specific banking relationships, warnings about potential index exclusion and scrutiny of the firm’s broader financial connections.

• Noted changes in senior management were reported ahead of the disposals.
• Publicized calls to boycott certain banking partners were circulated in market channels.
• Analysts flagged the potential for index exclusion as a downside risk to demand.
• Observers examined links between the firm and wider financial counterparties.

Market participants and index providers will monitor subsequent filings and quarter-end disclosures to assess whether selling by major funds continues or stabilizes. Further regulatory or index-related announcements could materially influence Strategy’s shareholder base and trading dynamics.