cryptobriefing.com
Fidelity has been quietly accumulating Bitcoin over the past week, purchasing more than 5,000 $BTC, according to data from Arkham Intelligence. This strategic acquisition brings the Fidelity exchange-traded fund (FBTC)’s total Bitcoin holdings to over 176,000 $BTC.
Fidelity has been buying Bitcoin non-stop for the past 2 weeks.
What about you? pic.twitter.com/ho2dMyDkzJ
— Arkham (@ArkhamIntel) September 20, 2024
Based on data from the Bitbo Treasuries Tracker, these holdings are valued at approximately $11 billion at current market prices.
With Bitcoin trading around $62,600, Fidelity now controls nearly 1% of the total Bitcoin in circulation, solidifying its position as a major institutional player in the crypto market. The firm’s aggressive accumulation highlights continued confidence in the asset, following the Fed rate cut this past Wednesday.
Fidelity’s purchase comes as part of a broader trend among institutional investors increasing their Bitcoin exposure, reinforcing the growing institutional demand for $BTC.
In the same vein, MicroStrategy has also been actively expanding its Bitcoin holdings over the past two weeks. The company recently acquired 7,420 $BTC, bringing its total to approximately 252,220 $BTC, valued at $15 billion.