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How Fidelity and Bank of America Became Indirect Owners of Bitcoin

How Fidelity and Bank of America Became Indirect Owners of Bitcoin

Fidelity and Bank of America have become indirect owners of Bitcoin (BTC) after accumulating shares of MicroStrategy (MSTR) in Q1 of this year.

MSTR is the largest institutional holder of Bitcoin, owning over 140,000 BTC worth more than $4.22 billion.

Both Fidelity and Bank of America purchased tens of millions of dollars worth of MSTR shares, making Bank of America the fourth-largest shareholder of MicroStrategy and Fidelity the ninth-largest.

Bank of America holds a 2.37% stake in MicroStrategy, owning 226,980 MSTR shares worth over $59.53 million as of Q1. The bank made most of its MSTR purchases in the previous quarter, buying 226,506 shares to represent a massive 47,786% growth in ownership on a quarter-over-quarter basis.

Meanwhile, Fidelity has a 1.01% stake in the business intelligence firm, owning 97,134 MSTR shares worth over $25.47 million as of Q1 2023. Fidelity also significantly increased its MSTR holdings last quarter after accumulating 96,800 shares, marking an increase of over 28,982% compared to its Q4 2022 stake in MicroStrategy.

READ MORE: Ethereum Could Hit $10,000 by 2025, Expert Predicts

Fidelity and Bank of America’s move to accumulate MicroStrategy shares may indicate growing institutional interest in Bitcoin and its underlying technology. According to Doctor Profits, a widely followed crypto trader, both Fidelity and Bank of America bought BTC indirectly by accumulating MSTR shares. The purchases took place mostly in Q1 of this year.

The cryptocurrency market has seen significant volatility recently, with Bitcoin and other cryptocurrencies experiencing sharp price swings. However, many institutional investors and large financial firms have expressed interest in cryptocurrencies, indicating that the market may continue to grow in the coming years.

At the time of writing, Bitcoin is trading for $30,109, up over 6% in the last 24 hours.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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