Fidelity and Bank of America get access to Bitcoin as financial giants invest heavily in MicroStrategy
Financial titans Fidelity and Bank of America are now indirect owners of Bitcoin (BTC) after the two firms heavily amassed stakes in MicroStrategy (MSTR) in the first 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 MicroStrategy’s fourth-largest shareholder after the bank bought tens of millions of dollars of MSTR in the first quarter of 2023.
According to CNN, Bank of America owns a 2.37% stake in MicroStrategy and owns 226,980 MSTR shares worth over $59.53 million during the first quarter. The banking giant made most of its MSTR purchases in the previous quarter, purchasing 226,506 shares for a massive 47,786% growth in ownership over the previous quarter.
Fidelity is now the ninth-largest MSTR holder with a 1.01% stake in the business intelligence company. CNN reveals that the financial services 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, an increase of over 28,982% compared to its holding in MicroStrategy in Q4 2022.
Source: CNN
Popular crypto trader Doctor Profits tells its 174,400 Twitter followers that both Fidelity and Bank of America are buying Bitcoin indirectly by accumulating MSTR shares.
“Fidelity and Bank of America bought BTC indirectly while becoming one of the top 10 shareholders of MicroStrategy, which owns more than billions worth of Bitcoin.
Most of these stock purchases took place in the first quarter of this year.
Think about it for a minute.”
At the time of writing, Bitcoin is trading at $30,109, up over 6% in the last 24 hours.
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