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.
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.
Fidelity and Bank of America bought #BTC indirectly while becoming one of the top 10 share owners of Micro Strategy that owns more than several billions worth of Bitcoin.
Most of these share purchases took place in Q1 this year.
Think about it for a minute.
— Doctor Profit 🇨🇭 (@DrProfitCrypto) April 10, 2023
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.