The National Bank of Canada Boost Investments in Bitcoin through MicroStrategy Stock

The 6 largest commercial banks in Canada have expanded their holdings of ‘MicroStrategy (MSTR)’, which is called ‘bitcoin indirect investment stock’, according to the latest Securities Report (13F-HR) released on April 12th. The National Bank of Canada purchased 1,768 shares of MicroStrategy worth $516,822 in the first quarter of this year, increasing its portion of existing holdings by about 8.8%.

MicroStrategy, a business intelligence company that was the first listed company to purchase bitcoin in August 2020, has continuously expanded its holdings and is becoming a representative bitcoin investment exposure method for institutions. According to SEC disclosure data, as of April 4th, the company’s holdings were 140,000 BTC, and the average purchase price was $29,803, entering the profit range on the 12th.

Several companies and hedge funds are now increasing their exposure to Bitcoin through MSTR stock. Financial giants like Fidelity, BlackRock, and Bank of America also bought more than $75 million of MSTR stock 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. The Vanguard Group owns a total of 905,164 shares and accounts for a 9.44% stake in MSTR. Earlier this year, prop trading company ‘Group One’ also announced that it had purchased a 13.5% stake in MSTR.

MSTR shares are currently trading at $340.72, up 5.54%, and this year’s cumulative performance is recording 134.95%.

The increasing interest in Bitcoin and the growing trend of investing in MSTR by major financial institutions indicate a strong belief in the long-term growth prospects of the cryptocurrency. The current value of MicroStrategy’s Bitcoin investment is worth $4.3 billion, and as Bitcoin continues to gain mainstream acceptance, it is expected to attract even more institutional investment.

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