Capital Group Division has recently purchased a 12% stake in BTC-heavy Microstrategy and now, only BlackRock has a bigger stake and indirect exposure to BTC as we can see more in our latest Bitcoin news today.
A $2.2 trillion asset manager, Capital Group Divison, bought a 12% stake in Microstrategy which is a well-known cloud software company with huge BTC holdings. Capital International Investors is a division of the Los Angeles-based Capital Group that purchased the stake in Microstrategy last month accoridng to the SEC filing. The 953,242 shares are worth $561 million at today’s prices. BlackRock is the only one that has a bigger stake and bigger exposure to Bitcoin.
Capital Group as one of the biggest investment organizations worldwide, has indirect exposure to BTC as Microstrategy keeps a chunk of its treasury in BTC. The Michael Saylor-led company gathered 105,085 of the cryptocurrency worth $3.4 billion at today’s prices. Capital Group, on the other hand, counts mutual fund manager American Funds as one of its companies and declined to comment further on the matter.
Microstrategy’s Bitcoin-buying obsession is one of the key reasons for the crypto’s major bull run which started a year ago. The Virginia-based company started buying the asset last year and invested $250 million in August. The company purchased even more of BTC and the CEO Michael Saylor still preaches about the currency’s value everywhere including Twitter. Microstrategy sold the debt to buy more BTC and owns more of the crypto than any other publicly-traded company. Right now, BlackRock as the world’s biggest sovereign wealth fund has more MicroStrategy than Capital with a 14.5% stake.
As recently reported, While there are a lot of market participants that are cheering the decisions of Saylor every time he tries to buy some more BTC, the more the company holds there is a risk that it will bring to the first crypto and its network, and here’s why. At the expense of going against the popular opinion today and the risk that comes along with it, there is a need to call more attention that is created for bitcoin thanks to Michael Saylor. The entire point of BTC was so that no third party or another actor could influence the network of money itself because even the creator of the coin, disappeared from existence because of this reason.
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