BlackRock, the world's largest asset manager, has increased its stake in Strategy to 5%, underscoring the growing institutional interest in Bitcoin.
BlackRock Increases Stake in Strategy
According to a filing with the US Securities and Exchange Commission on February 6, BlackRock has increased its stake in Michael Saylor's company Strategy to 5%. Following this investment, MicroStrategy's stock price rose more than 2.8% in pre-market trading, reaching $325 as of 12:25 pm UTC on February 7, according to Google Finance data.
Continuous Investments in Bitcoin
Despite a recent Bitcoin price correction below $100,000, both BlackRock and Strategy continue to invest in the cryptocurrency. Strategy, the largest corporate holder of Bitcoin, plans to execute its '21/21 Plan,' aiming to raise $42 billion in capital over the next three years.
Growing Bitcoin Adoption in the US
In the US, interest in adopting Bitcoin as a savings technology is growing. Kentucky has become the 16th state to introduce Bitcoin reserve-related legislation. Experts believe that this could create a roadmap for other states to follow.
The increasing institutional interest in Bitcoin, illustrated by BlackRock's investment in Strategy and legislative initiatives in the US, could significantly impact the future adoption of cryptocurrencies in the global economy.
