The 94-year-old mutual fund giant Capital Group, known for its conservative investment approach, has increased its Bitcoin-related stock position from $1 billion to over $6 billion.
Mark Casey, a portfolio manager who has worked at Capital Group for 25 years, leads the company's initiative into the Bitcoin space. According to a report by The Wall Street Journal, Casey describes his investment style as influenced by Benjamin Graham and Warren Buffett, and he has now become an advocate for Bitcoin (BTC).
"I just like Bitcoin; I find it very interesting," Casey said in a podcast interview with venture capital firm Andreessen Horowitz. According to The Wall Street Journal, he referred to Bitcoin as "one of the coolest things ever created by humanity."
Over the past four years, Capital Group has primarily built its exposure by investing in so-called Bitcoin treasury companies, which accumulate and hold Bitcoin on their balance sheets.
One of Capital Group's most notable holdings is Strategy (formerly MicroStrategy), a software company transformed into a Bitcoin investment vehicle by founder Michael Saylor.
In 2021, Capital Group acquired a 12.3% stake in Strategy for over $500 million. Due to share issuance and some reductions, this stake has now been diluted to 7.89%, but with Strategy's stock price soaring over 2200% in five years, it is currently valued at approximately $6.2 billion.
Casey stated that he and his colleagues analyze these companies in the same way they evaluate companies involved in commodities like gold or oil. "We view Bitcoin as a commodity," he told The Wall Street Journal.
Capital Group's Bitcoin exposure also includes a 5% stake in Japan's Metaplanet, a company that has transitioned from hotel operator to Bitcoin holder, as well as shares in mining company Mara Holdings.
According to Cointelegraph, data from BitcoinTreasuries.NET shows that corporate Bitcoin treasuries now hold over 1 million BTC, valued at over $117 billion.
Michael Saylor's Strategy remains the largest holder, with 636,505 BTC, followed by MARA Holdings, which holds over 52,000 BTC. New entrants like XXI and Bitcoin Standard Treasury are quickly catching up, while companies like Metaplanet, Bullish, and Coinbase have made it into the top ten.
Looking ahead, companies like Metaplanet and Semler Scientific have disclosed aggressive accumulation targets, planning to acquire 210,000 BTC and 105,000 BTC, respectively, by 2027.
Related: Crypto executives say cryptocurrency is not Web 3.0, but rather Capitalism 2.0
Original article: “Investment giant Capital Group grows Bitcoin (BTC) treasury stock investment from $1 billion to $6 billion”
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