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Mutual Fund Giant Capital Group's Bitcoin-Related Stock Holdings Soar from $1 Billion to Over $6 Billion
BlockBeats News, September 14th, according to Cointelegraph's report, Capital Group, a mutual fund giant with a 94-year history known for its conservative investment style, has seen its holdings in Bitcoin-related stocks grow from $1 billion to over $6 billion.
According to The Wall Street Journal, Mark Casey, a portfolio manager at Capital Group with 25 years of experience, led the company's foray into Bitcoin. Casey stated that his investment style was deeply influenced by Benjamin Graham and Warren Buffett, but he has now become an advocate for Bitcoin.
Casey said in an interview on the venture capital firm Andreessen Horowitz's podcast: "I just like Bitcoin, I think it's very interesting." He called Bitcoin "one of the coolest things ever created by humanity."
Over the past four years, Capital Group has primarily expanded its Bitcoin exposure by investing in so-called "Bitcoin reserve companies" (namely, publicly traded companies that accumulate and hold Bitcoin on their balance sheets).
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