Fidelity Investments, one of the world’s largest asset management firms, has doubled down on its commitment to crypto by adding over $196 million in Bitcoin (BTC) to its holdings.
Over $19.3B in Total Holdings
According to a recent X post, the latest acquisition moved the asset manager’s position as one of the top dogs in the crypto space, with bitcoin forming a core component of its long-term investment strategy. As of December 6, 2024, Fidelity holds 199,237 BTC, valued at over $19.3 billion.
The move also comes as BTC prices hover around $97,400, recovering from their recent dip to $94,000. However, the crypto asset performed highly in the last week, surpassing the $100,000 price mark. As such, both institutional and retail investors gained from the asset’s milestone.
Fidelity Investments has played a significant role in promoting the integration of crypto assets into traditional investment strategies and has steadily expanded its involvement in crypto services since its launch.
Institutions Buying BTC
Fidelity isn’t alone in seizing the opportunity presented by recent market downturns. For instance, the world’s largest asset management firm, BlackRock, accumulated 12,272 BTC worth $742 million.
Since September 24, the asset manager has resumed purchasing BTC, bringing its total holdings to over 369,822 BTC, worth around $23.2 billion. The accumulation reflects the manager’s increasing confidence in the crypto asset’s long-term potential.
Other institutions have also joined the crypto investment bandwagon. The publicly traded company MicroStrategy recently purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion. With this big buy, the company now boasts over 2% of the Bitcoin supply.
Bitcoin mining and digital infrastructure company Riot Platforms plans to raise $500 million from senior convertible note sales. The firm noted that the offering would occur through a private offering. The cash raised will be used to acquire more bitcoins, solidifying its position as one of the big players in the crypto sector.
As bitcoin continues to win the hearts of investors and institutions, MicroStrategy’s co-founder and American entrepreneur Michael Saylor urged the United States to sell all the gold held in its reserve worth around $500 billion and switch to a strategic Bitcoin reserve, acquiring the crypto as a store of value for the country, as Central American El Salvador did.
Saylor noted that the US could acquire around five million BTC using the proceeds from its gold reserves, positioning itself as the largest recognized national holder of Bitcoin, overseeing roughly 24% of the entire Bitcoin supply.
