Fidelity and Bank of America have made substantial investments in MicroStrategy during Q1 2023, thereby indirectly gaining exposure to Bitcoin.
MicroStrategy, which holds the largest amount of Bitcoin among institutional investors, possesses over 140,000 BTC with a value of over USD 4.22 billion. As per CNN reports, Bank of America now ranks as the fourth-largest shareholder of MicroStrategy, owning 226,980 MSTR shares valued at over USD 59.53 million, accounting for a 2.37% stake in the company.
The banking giant bought tens of millions of dollars’ worth of MSTR in Q1, representing a massive 47,786% growth in ownership on a quarter-over-quarter basis. Fidelity, on the other hand, is the ninth-largest MSTR holder with a 1.01% stake in the business intelligence firm. Fidelity owns 97,134 MSTR shares worth over USD 25.47 million as of Q1 2023, and it also increased its MSTR holdings by over 28,982% compared to its Q4 2022 stake in MicroStrategy.
Both Fidelity and Bank of America are now indirectly buying Bitcoin by accumulating MSTR shares, according to widely followed crypto trader Doctor Profits, who tweeted to his 174,400 Twitter followers. Bitcoin is currently trading at USD 30,109, up over 6% in the last 24 hours.