Fidelity added 5K Bitcoin last week, now holding about 1% of all BTC
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Fidelity now holds over 176,000 BTC, making it the third largest institution offering Bitcoin ETFs. The recent acquisition is worth around $3 billion.
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According to information from Arkham Intelligence, Fidelity has been quietly hoarding Bitcoin and bought over 5,000 BTC last week. This strategic acquisition brings the Fidelity exchange-traded fund's (FBTC) total Bitcoin holdings to over 176,000 BTC.
Fidelity has been buying Bitcoin continuously for the past 2 weeks.
and you? pic.twitter.com/ho2dMyDkzJ
— Arkham (@ArkhamIntel) September 20, 2024
According to data from the Bitbo Treasuries Tracker, these holdings are valued at approximately $11 billion at current market value.
With Bitcoin trading at around $62,600, Fidelity now controls about 1% of the total Bitcoin in circulation, solidifying its position as a major institutional player in the crypto market. After the Fed rate cut last Wednesday, the company's strong stock continued to boost confidence in the asset.
Fidelity's purchase reinforces rising institutional demand for BTC as part of a broader trend among institutional investors increasing their exposure to Bitcoin.
Similarly, MicroStrategy has been actively expanding its Bitcoin holdings over the past two weeks. The company recently acquired 7,420 BTC, which brings the total to 252,220 BTC, worth $15 billion.
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