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US Financial Giant Capital Group Buys 12% Stake in Bitcoin-Exposed MicroStrategy
The purchase provides the firm with indirect exposure to MicroStrategy's more than 105,000 bitcoin reserves.
Capital International Investors, a unit of Los Angeles-based investment firm Capital Group, has purchased a 12.2% stake in MicroStrategy (MSTR), a business-intelligence company that has invested heavily in bitcoin.
STORY CONTINUES BELOW
- According to a filing with the U.S. Securities and Exchange Commission on June 30, Capital International bought 953,242 shares.
- While the filing was made two weeks ago, Walter Burkley, a senior vice president and senior counsel at Capital Group, only signed off on Monday, according to the document.
- CII is a private equity firm that is part of Capital Group, an asset manager with $7.6 billion in annual revenue and $2.3 trillion in assets under its management.
- The purchase by CII provides the firm with indirect exposure to MicroStrategy's more than 105,000 bitcoin reserves.
- According to data from the Nasdaq exchange, MicroStrategy's share price is down 6.3% over a 24-hour period at a closing price of $588 and is down roughly 55% from its peak of $1,315 on Feb. 9.
Read more: MicroStrategy Buys $489M More of Bitcoin; Price Drop May Mean Writedown Ahead
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
