Investment Advisory Firm Emerges as a Top Holder of BlackRock Bitcoin ETF
Institutional investors are capitalizing on Bitcoin dips while retail investors react to recent BTC sell-offs by the German government.
Fiduciary Alliance, an investment advisory firm, emerged as a major buyer of BlackRock iShares Bitcoin ETF (IBIT) and Grayscale Bitcoin Trust (GBTC) in Q2 2024, according to a July 10 SEC filing.
The firm added 188,668 units of IBIT valued at $6.64 million and acquired GBTC units worth $3.48 million.
This move coincided with a broader trend among institutional investors, with several entities disclosing significant investments in crypto assets.
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Germany Sold Bitcoin Worth Over $350 Million in the Last HoursFiduciary Alliance also expanded its portfolio to include shares in leading crypto-related companies such as Coinbase, MicroStrategy, and Tesla.
The firm purchased 8,332 COIN shares valued at $1.89 million, $1.70 million of MicroStrategy (MSTR) shares, and invested $744,426 in Tesla (TSLA).
Meanwhile, Northwest Capital Management, managing assets worth $5 billion, also entered the Bitcoin market through BlackRock’s iShares Bitcoin Trust (IBIT).
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