Home Analysis Canada’s 6th largest commercial bank acquired MicroStrategy shares

Canada’s 6th largest commercial bank acquired MicroStrategy shares

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The National Bank of Canada increased its stake in MicroStrategy by 8.8% during the first quarter, according to its recent 13F-HR form. filing.

Commercial bank MicroStrategy’s shares rose to 1,768 shares as of March 31 at a value of $516,822, up 8.8% from the 1,625 shares it held as of January 24, according to filings.

With this acquisition, the financial institution joins a long list of traditional companies betting on Bitcoin (BTC) through MicroStrategy shares.

MicroStrategy is a business intelligence company, but a wave of acquisitions has positioned it as a significant owner of its flagship digital assets.

Traditional Company Stacks on MicroStrategy Stock

Several companies and hedge funds are now Gaining BTC Exposure Through the MSTR strain. These include financial giants such as Fidelity, BlackRock and Bank of America. These companies acquired over his $75 million stake in MicroStrategy in the first quarter of 2023.

Bank of America purchased 226,506 shares of MicroStrategy during this period, while Fidelity and BlackRock purchased 96,800 and 10,800 shares of MSTR, respectively.

Other big investment firms are also bullish on the stock, with Vanguard Group and Capital Research buying 28,000 and 154,100 shares. Vanguard Group is one of the largest holders of the company’s shares, holding 905,164 shares (9.44%).

Solely owned trading company Group One Trading disclosed The filing states that it has received an option to purchase 1.3 million shares of MicroStrategy.

MicroStrategy BTC Bet Turns Positive

Meanwhile, MicroStrategy-owned BTC turned profitable for the first time in months after its flagship digital asset valued above $30,000.

According to available data, the company spent around $4.17 billion to acquire around 140,000 BTC. The value of these holdings made him over $4.21 billion on April 12 after the price of BTC surged.

However, crypto hedge fund founder Hal Press stresses the dangers of MicroStrategy’s BTC approach. According to the press, the company’s BTC acquisition model is unsustainable because “one by one he has to sell Thaler’s coins.”

press more explained A comically ridiculous bitcoin acquisition strategy.

Meanwhile, criticism has not deterred the company or its founder Michael Thaler from promoting digital assets.

MSTR is trading at $344, up more than 6% today. Its year-to-date performance is a positive 142%.

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