$BTC

Wall Street is lying to you about Bitcoin.

They are telling you institutions are selling.

The opposite is true.

JP Morgan sold 772,000 MicroStrategy shares last quarter.

Headlines called it a Bitcoin dump.

Nobody checked what Harvard did the same quarter.

Harvard tripled its Bitcoin position to $443 million.

One trade. The largest increase in a single quarter. Ever.

Bitcoin is now Harvard's number one holding. Larger than Microsoft. Larger than Amazon. Larger than Nvidia. Larger than any stock in their $57 billion endowment.

But Harvard did not buy MicroStrategy.

Harvard bought BlackRock's Bitcoin ETF.

So did Abu Dhabi. Up 230 percent to $517 million.

So did Emory. Up 91 percent to $43 million.

$60.8 billion has flowed into Bitcoin ETFs since January 2024.

Here is what the headlines will not tell you:

MicroStrategy now trades at a 12 percent discount to the Bitcoin it holds.

The company that once commanded 2x premium is now worth less than its own treasury.

Why would institutions pay $0.88 for $1.00 of Bitcoin plus $8 billion in debt when they can pay $1.00 for $1.00 of Bitcoin with zero debt?

They would not.

January 15, 2026.

MSCI decides whether to remove MicroStrategy from major indices. (hope not)

If removed: $8.8 billion in forced selling from index funds.

JP Morgan is not dumping Bitcoin.

JP Morgan is front running a liquidation event with a known date.

The money is not leaving Bitcoin.

The money is leaving the middleman.

The proxy era is over.

The asset won.

Sources: SEC 13F filings November 2025, Harvard Management Company, JP Morgan, Strategy Inc 8-K
$BTC