A cryptocurrency-focused equity investment has come from Canada’s sixth-largest commercial bank. Banks bought MicroStrategy shares, indirectly referred to as Bitcoin investment. Here are the details…
Cryptocurrency investment from Canadian bank
Canada’s 6 largest commercial banks have expanded their holdings of “MicroStrategy (MSTR)”, dubbed “indirect Bitcoin investment stock,” according to the latest Securities Report (13F-HR) published on April 12. The National Bank of Canada purchased 1,768 shares of MicroStrategy worth $516,822 in the first quarter of this year, increasing its current holdings by approximately 8.8%.
MicroStrategy, a business intelligence company that was the first company to buy Bitcoin and be listed on the stock market in August 2020, has continuously expanded its holdings and is becoming a representative Bitcoin investment method for institutions. According to SEC documents, as of April 4, the company’s assets are around 140,000 BTC. The average purchase price of these coins was $29,803, and it entered the profit range with the rise on the 12th.
Many companies are increasing their Bitcoin holdings with shares
Many companies and hedge funds are currently increasing their investments in Bitcoin through MSTR shares. Financial giants such as Fidelity, BlackRock and Bank of America also bought more than $75 million of MSTR shares in the first quarter of this year. Bank of America bought 226,506 shares, while Fidelity and BlackRock bought 96,800 and 10,800 shares, respectively. Vanguard Group and Capital Research bought 28,000 shares and 154,100 shares, respectively. Vanguard Group owns a total of 905,164 shares and a 9.44 percent stake in MSTR.
Earlier this year, prop trading company “Group One” also announced that it had acquired a 13.5 percent stake in MSTR. MSTR shares are currently trading at $340.72, up 5.54 percent, with a cumulative performance of 134.95% this year. The growing interest in Bitcoin and the increase in the tendency of major financial institutions to invest in MSTR indicate a strong belief in the long-term growth prospects of the cryptocurrency. MicroStrategy’s Bitcoin investment is currently valued at $4.3 billion and is expected to attract even more institutional investment as Bitcoin continues to gain mainstream acceptance.
cryptocoin.com According to data, at the time of writing, Bitcoin is changing hands at $ 30,477 with an increase of 1.1 percent. Cryptocurrency has increased by 9.1 percent in the last 7 days. The coin has a market cap of $589 billion at the time of writing. Likewise, coins such as ETH, BNB, XRP are also increasing on a weekly basis.
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