Q2 institutions raked up 1.2 billion MSTR (MSTR.US), and concerns about delisting from the index surfaced

According to Woofun AI, Wall Street injected huge sums of money into MSTR (MSTR.US) in the second quarter. This phenomenon reflects the market game of MicroStrategy (MSTR.US) during the strategic transition period. Despite high institutional buying enthusiasm, drastic adjustments in MicroStrategy (MSTR.US)'s internal capital allocation are forcing investors to re-evaluate its long-term logic as a proxy asset for Bitcoin.

According to data compiled by Woofun AI, the overall holdings of the top 15 largest institutions achieved a net increase of about $695 million. Specifically, 12 buyers increased the value of their holdings by about $1.3 billion, while 3 institutions reduced their holdings by about $609 million. Among them, Capital Research Global Investors cut approximately $462 million, UBS Financial Services (UBS.US) reduced approximately $142 million, and Geode Capital Management cut approximately $5 million.

This differentiation shows that despite strong overall inflows, differences between leading institutions are widening.

Internal adjustments to MicroStrategy (MSTR.US) have increased market uncertainty. To boost STRC (STRC.US), the company raised its annual dividend rate from 9% to 12% and changed to bimonthly payments, while accumulating more dollar reserves. However, STRC (STRC.US) shares are still far below face value, forcing the company to buy shares directly on the open market. Even with high dividends and buyback support, STRC (STRC.US)'s stock price failed to break through the $95 mark this week. Although management is committed to restoring face value, the plight remains the same.

The pressure to compile an index further amplifies the risk. Based on the August 7 reference price, as of the end of June, Pioneer Pilot Investment Management held approximately US$1.54 billion, Pioneer Pilot Capital Management held approximately US$1.49 billion, BlackRock Institutional Trust (BLK.US) held approximately US$1.27 billion, and State Street Bank Investment Management (STT.US) held approximately US$753 million. If MSCI (MSCI.US) adjusts the index position of MicroStrategy (MSTR.US) after the second quarter, passive demand may weaken significantly. At a time when MicroStrategy (MSTR.US) relies heavily on issuing common shares, this potential exclusion combined with a shift in financing models will severely test institutional holdings.