Source: Cointelegraph
Original: “Fidelity: The Decline in Bitcoin (BTC) Supply on Exchanges is 'Due to Purchases by Public Companies'”

According to a report by Fidelity Digital Assets, the reserves of Bitcoin on cryptocurrency exchanges have fallen to their lowest level in over six years as public companies in the U.S. accelerate their accumulation of this digital asset following the presidential election.

Fidelity stated on the social media platform X: "We have observed that the supply of Bitcoin on exchanges has decreased due to purchases by public companies, and this trend is expected to accelerate further in the near term."

Fidelity noted that the supply of BTC on exchanges has dropped to approximately 2.6 million, the lowest level since November 2018. Since November, over 425,000 BTC have been withdrawn from exchanges, a trend that is typically seen as a signal of long-term investment rather than short-term trading.

During the same period, public companies have cumulatively purchased nearly 350,000 BTC.

Fidelity Digital Assets is a subsidiary of Fidelity Investments, which is headquartered in Boston, Massachusetts, managing $5.8 trillion in assets. The Fidelity Digital Assets subsidiary was established in 2018, well before cryptocurrencies were considered an institutional-grade asset class.

Fidelity is the issuer of the Fidelity Wise Origin Bitcoin Fund, which is one of the first 11 spot Bitcoin ETFs approved in the U.S.

Although Fidelity has noted significant purchases of Bitcoin by corporations, most of the accumulation has come from Strategy, co-founded by Michael Saylor, which has transformed from a business intelligence company into a Bitcoin bank.

Since last November, Strategy has purchased 285,980 BTC, accounting for about 81% of the approximately 350,000 BTC purchased by public companies.

Strategy's latest purchase of 6,556 BTC was disclosed on April 21.

Outside the U.S., public companies in Asia have also adopted similar Bitcoin reserve strategies, with Japan's Metaplanet and Hong Kong's HK Asia Holdings increasing their Bitcoin allocations.

Metaplanet currently holds 5,000 BTC, and its CEO Simon Gerovich stated plans to double this amount this year.

Meanwhile, HK Asia Holdings announced plans to raise approximately $8.35 million, which may be used to increase its Bitcoin reserves.

Related: BlackRock's Bitcoin (BTC) fund raised $643.2 million in a single day, rated as the best new ETF.

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