BNY Mellon Doubles Down on MicroStrategy Stake
BNY Mellon, one of the oldest financial institutions in the US, has increased its stake in MicroStrategy to approximately 1 million shares worth $187 million. The bank added around 101,810 shares during the first quarter of this year.
The purchases were made across 12 separate custody and discretionary mandates, indicating a coordinated allocation across multiple client accounts and internal strategies rather than speculative positioning.
BNY Mellon's total holdings in MicroStrategy make up a significant portion of its crypto-adjacent exposure, which is valued at around $187 million. The bank holds two small tranches of MicroStrategy convertible notes worth a combined $547,000 as well.
MicroStrategy has been described as a 'de facto Bitcoin treasury company' due to its CEO Michael Saylor's efforts to convert the firm's balance sheet into Bitcoin since 2020. This has made the company's stock essentially a high-beta derivative of Bitcoin's price.