A firm that has leveraged its belief in the leading cryptocurrency to unprecedented success, MicroStrategy (MSTR) has become a clear Wall Street favorite as it outperforms Bitcoin year-to-date. Indeed, the Micaehl Saylor-led company has strongly committed to a BTC accumulation strategy that has benefitted its position amid the asset’s ongoing bull run.
The crypto reached an all-time high of $93,000 last week. Moreover, the increase in value has not deterred MSTR from continuing to buy the token. On Monday, Saylor announced that the firm had acquired another $4.6 billion worth of Bitcoin as it continues to enhance its overall exposure.
Also Read: MicroStrategy to Raise Another $1.75 Billion to Buy Bitcoin
Institutional Investors Bet on MicroStrategy Amid Monumental 2024
The past 12 months have been truly transformative for Bitcoin. Indeed, the cryptocurrency has catapulted into another stratosphere of relevancy within the finance sector. Becoming the first crypto-based ETF, it has driven increased investment interest from institutions while formulating itself into a global economic fixture.
That has been groundbreaking for firms that have been the biggest defenders of the asset’s merits. Chief among them is Michael Saylor’s MicroStrategy, which has become a Wall Street favorite amid Bitcoin’s ongoing bull run. Indeed, the stock traded as high as $384 early Tuesday, which will be an all-time high if it lasts until close.
Also Read: MicroStrategy ROI Hits 100% Amid Bitcoin Bull Run
For initial investment managers that have at least $100 million in equity assets, a 13F filing was recently made. Required by the US Securities and Exchange Commission (SEC) 45 days before the end of each quarter, it provides an in-depth look at stock holdings. Additionally, it provides a clear insight into MSTR’s popularity.
According to 13f.info, institutional holders of MicroStraeggy stock increased from 667 at the last filing to 738 currently. Moreover, the total value is more than $15 billion. The second-largest asset manager on the planet, Vanguard Group, had purchased almost 16 million MSTR shares in Q3. For the firm, it represents a 1,000% increase in its position. Altogether, it assures the rising relevancy of the business intelligence firm and the benefits of its BTC strategy.