Bitcoin accumulation intensifies as top asset manager buys 1000 BTC
Lincoln Avenue Capital, a U.S.-based asset management firm, has purchased 1,000 BTC at an average rate of $33,525 per BTC for the first time.
The investment, which sums up to $33,525,000, represents just 5% of the company’s total assets under management, according to an official statement shared on Twitter.
Lincoln Avenue Capital has acquired 1,000 #Bitcoin at an average price of $33,525.
— Lincoln Avenue Capital (@LincAveCapital) July 10, 2021
The purchase represents 5% of the firm’s AUM as of July 10, 2021.
The company may invest up to 20% of total AUM in the asset class in the future, per its investment mandate.
As per the announcement, the corporate behemoth might up its Bitcoin stake to 20% of its AUM. The real estate conglomerate addresses the affordable housing category and has 52 properties in 10 U.S. states while preserving over 4,100 units of property across the U.S. in the “affordable” category.
This announcement is right on the heels of another wave of Bitcoin accumulation. According to data shared by on-chain analytics firm Glassnode, there appears to be growing interest by Bitcoiners to hold the flagship crypto long-term.
Meanwhile, more than 1.6 million Bitcoin, which represents almost 8% of Bitcoin’s circulating supply, is owned by corporations. That being said, MicroStrategy is still leading on the list of institutional investors holding Bitcoin in their portfolio. Since mid-2020, when the business intelligence firm began acquiring Bitcoin, it has been able to increase its stash to 105,084 BTC.
