Fidelity added 5K Bitcoin in the last week, now owns almost 1% of all BTC

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Fidelity has been quietly hoarding Bitcoin over the past week, buying over 5,000 BTC, according to data from Arkham Intelligence. This strategic purchase brings the total Bitcoin holdings of Fidelity Trading Fund (FBTC) to over 176,000 BTC.

Fidelity has been buying Bitcoin non-stop for the past 2 weeks.

And you? pic.twitter.com/ho2dMyDkzJ

— Arkham (@ArkhamIntel) September 20, 2024

Based on data from Bitbo Treasuries Trackerthese holdings are valued at approximately $11 billion at current market prices.

With Bitcoin trading around $62,600, Fidelity now controls nearly 1% of all Bitcoin in circulation, solidifying its position as a major institutional player in the crypto market. The company’s aggressive rally highlights continued confidence in the asset following the Fed’s interest rate cut last Wednesday.

Fidelity’s purchase comes as part of a broader trend among institutional investors increasing their exposure to Bitcoin, reinforcing growing institutional demand for BTC.

In the same vein, MicroStrategy has been actively expanding its Bitcoin holdings over the past two weeks. The company recently purchased 7,420 BTCbringing his total to around 252,220 BTC, valued at $15 billion.

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