A multi-trillion Dollar asset manager has bought bitcoin by proxy.
Capital International Investors, a subsidiary investment firm of Capital Group with over $2.3 trillion in assets under management, has purchased 953,242 shares in business intelligence firm MicroStrategy, according to an SEC filing released last week.
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The asset manager now holds a 12.2.% stake in Michael Saylor’s MSTR, after initially buying 1% worth of its shares back in March.
The most recent purchase took place on June 30th, rendering the asset management firm MSTR’s third largest sharehold, with Saylor himself taking the top spot and $7 trillion asset manager BlackRock coming in at second place.
MicroStrategy is the largest bitcoin holder among public companies, having purchased 105,084 bitcoin to date at average price of $2.74 billion. At today’s prices, the company sits on $360 million in profit on its total purchases, though Saylor has consistently reiterated that his plans for MicroStrategy are to hold bitcoin “for 100 years”.
Given MicroStrategy’s enormous Bitcoin holdings, large-scale investments in the company are almost certainly a means to gain exposure to the asset – hence the bitocin-by-proxy analogy. Capital Group thereby follows in the footsteps of other asset managers such as Stone Ridge asset Management, Guggenheim, and Marshall Wace.
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