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Fidelity and Bank of America have emerged as indirect stakeholders in Bitcoin (BTC) after acquiring shares of MicroStrategy (MSTR) during the first quarter of this year.
MSTR stands as the largest institutional holder of Bitcoin, possessing more than 140,000 BTC valued at over $4.22 billion.
Both Fidelity and Bank of America invested tens of millions of dollars in MSTR shares, positioning Bank of America as the fourth-largest shareholder of MicroStrategy and Fidelity as the ninth-largest.
Bank of America maintains a 2.37% interest in MicroStrategy, holding 226,980 MSTR shares valued at over $59.53 million as of Q1. The bank conducted the majority of its MSTR acquisitions in the preceding quarter, purchasing 226,506 shares, which reflects an extraordinary 47,786% increase in ownership on a quarter-over-quarter basis.
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On the other hand, Fidelity holds a 1.01% stake in the business intelligence company, owning 97,134 MSTR shares worth over $25.47 million as of Q1 2023. Fidelity also notably expanded its MSTR holdings last quarter by acquiring 96,800 shares, representing an increase of over 28,982% compared to its Q4 2022 position in MicroStrategy.
The actions of Fidelity and Bank of America in acquiring MicroStrategy shares may suggest a rising institutional interest in Bitcoin and its foundational technology. According to Doctor Profits, a well-known crypto trader, both Fidelity and Bank of America have indirectly purchased BTC through their accumulation of MSTR shares. These acquisitions primarily occurred in the first quarter of this year.
Fidelity and Bank of America bought #BTC indirectly while becoming one of the top 10 share owners of MicroStrategy 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 experienced notable volatility recently, with Bitcoin and other digital currencies undergoing significant price fluctuations. Nevertheless, numerous institutional investors and major financial firms have shown interest in cryptocurrencies, suggesting that the market may continue to expand in the forthcoming years.
At the time of this report, Bitcoin is trading at $30,109, having risen over 6% in the past 24 hours.
