Fidelity and Bank of America gain exposure to Bitcoin as financial giants invest heavily in micro strategy
Financial titans Fidelity and Bank of America are now indirect owners of Bitcoin (BTC) after the two firms heavily accumulated shares in MicroStrategy (MSTR) in the 1st quarter of this year.
MicroStrategy is the largest institutional holder of Bitcoin, owning 140,000 BTC worth more than $4.22 billion.
Data from CNN shows that Bank of America is now the fourth largest shareholder in MicroStrategy after the bank bought MSTR worth tens of millions of dollars in Q1 of 2023.
According to CNN, Bank of America has a 2.37% stake in MicroStrategy and owns 226,980 MSTR shares worth over $59.53 million as of Q1. The banking giant made most of its MSTR purchases during the last quarter, buying 226,506 shares to represent a massive 47,786% growth in ownership on a quarter-over-quarter basis.
Meanwhile, Fidelity is the ninth largest MSTR holder with a 1.01% stake in the business intelligence firm. CNN reports that the finance company owns 97,134 MSTR shares worth over $25.47 million as of Q1 2023. Fidelity also increased its MSTR holdings last quarter after accumulating 96,800 shares, marking an increase of over 28,982% compared to The Q4 2022 stake in MicroStrategy.
Widely followed crypto trader Doctor Profits says his 174,400 Twitter followers that both Fidelity and Bank of America are indirectly buying Bitcoin by accumulating MSTR shares.
“Fidelity and Bank of America bought BTC indirectly while becoming one of the top 10 shareholders in MicroStrategy owning more than several billions of Bitcoin.
Most of these share purchases took place in the 1st quarter of this year.
Think about that for a moment.”
At the time of writing, Bitcoin is trading at $30,109, up over 6% in the last 24 hours.
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