Cointelegraph reported that institutional investors' Bitcoin holdings, including those of trusts, ETFs, and funds, decreased from 1.33 million BTC to 1.20 million BTC over the past three months. The media outlet explained, "This decrease comes as another major institutional investment entity, Bitcoin-hoarding companies, are under pressure. MicroStrategy, the listed company with the largest Bitcoin holdings, sold 1,638 BTC last week." It added, "These companies have grown by leveraging the fact that their stock prices were valued higher than their asset holdings, issuing stocks and bonds, and using the raised funds to purchase additional Bitcoin. However, if the stock price falls below the net asset value (NAV), the efficiency of such fundraising methods decreases, and new fundraising could lead to the burden of diluting existing shareholders' equity. While a slowdown in institutional demand is confirmed by on-chain data, it is difficult to conclude that the cause is solely due to sales by Bitcoin-hoarding strategy companies."
