According to an SEC filing, financial asset management firm, Capital Group, has purchased a 12.2% stake in MicroStrategy (MSTR). Michael Saylor, the founder and CEO of MicroStrategy, has been an outspoken advocate of Bitcoin, leading his company to amass over 105,000 Bitcoins.
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Capital Group's new stake in MicroStrategy now gives the firm indirect exposure to Bitcoin. According to the filing, the company filed for the purchase in late June but it was not made official until July 12th when the company's senior vice president and senior counsel, Walter Burkley, signed off. Capital Group's new stake in the business intelligence company gives it 953,242 shares.
The purchase of the shares was made via Capital International Investors, an arm of investment firm Capital Group. As MicroStrategy has acquired more and more Bitcoin, its stock price has also become more correlated to Bitcoin's moves, giving Capital Group solid exposure to Bitcoin.
This story is developing.