Capital Group, a 94-year-old mutual fund powerhouse known for its conservative investment approach, has grown a $1 billion position in Bitcoin-related stocks into more than $6 billion.
Mark Casey, a portfolio manager with 25 years at Capital Group, led the firm’s move into Bitcoin. Casey, who describes his investment style as shaped by Benjamin Graham and Warren Buffett, has become an advocate for Bitcoin (BTC), according to a Sunday report by The Wall Street Journal.
“I just love Bitcoin, I just think it is so interesting,” Casey said during a podcast interview with venture firm Andreessen Horowitz. He called Bitcoin “one of the coolest things that has ever been created by people,” per the WSJ report.
Over the past four years, Capital Group has built its exposure primarily through investments in so-called Bitcoin treasury companies, public firms that accumulate and hold Bitcoin on their balance sheets.
Related: Ether vs. Bitcoin treasuries: Which strategy is winning
Capital Group’s biggest Bitcoin bet is on Strategy
Capital Group’s most notable holding is in Strategy (formerly MicroStrategy), the software firm transformed into a Bitcoin vehicle by founder Michael Saylor.
In 2021, Capital Group acquired a 12.3% stake in Strategy for over $500 million. That stake, now diluted to 7.89% due to share issuance and some trimming, is worth about $6.2 billion following a more than 2,200% surge in Strategy’s stock over five years.
Casey said he and his colleagues analyze these companies the same way they assess firms involved in commodities like gold or oil. “We view Bitcoin as a commodity,” he told the WSJ.
Capital Group’s Bitcoin exposure also includes a 5% stake in Japan-based Metaplanet, a hotel operator-turned-Bitcoin holder, and shares of mining company Mara Holdings.
Related: Bitcoin in consolidation as treasuries eye altcoins: Novogratz
Corporate Bitcoin treasuries top 1 million BTC
As Cointelegraph reported, corporate Bitcoin treasuries now hold over 1 million BTC worth more than $117 billion, according to BitcoinTreasuries.NET.
Michael Saylor’s Strategy remains the top holder with 636,505 BTC, followed by MARA Holdings with over 52,000 BTC. Newcomers like XXI and Bitcoin Standard Treasury are quickly gaining ground, while firms like Metaplanet, Bullish and Coinbase round out the top 10.
Looking ahead, companies like Metaplanet and Semler Scientific have revealed aggressive accumulation targets, aiming to acquire 210,000 BTC and 105,000 BTC by 2027, respectively.
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