Fidelity Investments, one of the world’s largest asset management firms, has gone bitcoin (BTC) shopping, adding 1205 BTC, valued at over $121.5 million in its Bitcoin portfolio.
Fidelity Buys More BTC
According to an X report, the asset manager has purchased approximately 5200 BTC, worth more than $524.6 million in the last three days. Before the latest acquisition, Fidelity held 199,237 BTC, valued at roughly $19.3 billion.
Fidelity’s acquisition follows a series of strategic initiatives to cement its position in the cryptocurrency ecosystem. The purchase aligns with the firm’s long-standing commitment to the digital asset.
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.
With bitcoin currently trading at approximately $100,900, Fidelity’s substantial investment underscores the company’s belief in the leading cryptocurrency’s long-term potential. This purchase adds to Fidelity’s already robust portfolio of digital assets and marks one of its largest purchases.
The acquisition comes when institutional interest in digital assets is reaching new heights. BlackRock, the world’s largest asset manager, announced it now holds 304,976 BTC, valued at over $21 billion.
Earlier this year, Fidelity launched a Bitcoin ETF, which has seen significant investor demand. This latest purchase may further enhance the firm’s ability to meet client needs and capitalize on the growing adoption of digital assets. The fund attracted approximately $6.9 billion.
Bitcoin in High Demand
The demand for bitcoin has gone beyond corporations and entities. Recently, the city council of Vancouver, Canada, passed the motion to become a “Bitcoin-friendly city.”
The proposal suggests allocating some of the city’s financial reserves to Bitcoin. It cites Bitcoin’s potential as a hedge against inflation and a means to promote innovation and economic growth. The move aims to position Vancouver as a blockchain and crypto innovation hub.
As such, Thomas Peterffy, a Hungarian-born American billionaire businessman and the founder, chairman, and largest shareholder of Interactive Brokers, noted that individuals invest at least 2-3% of their net worth into bitcoin.
Meanwhile, due to the asset’s widespread acceptance and performance, Eric Trump, son of President-elect Donald Trump and executive vice president of the Trump Organization, predicted that BTC would reach $1 million.
He made this prediction at the Bitcoin MENA conference, which discussed Bitcoin’s future and its impact on the Middle East and North Africa region. The event also featured notable speakers, including billionaire Steve Witkoff and Binance founder Changpeng Zhao.
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