Bank of America and Fidelity held significant numbers of MicroStrategy shares on their balance sheets in the first quarter, suggesting continued institutional interest in indirect bitcoin exposures.

MicroStrategy's shares have closely tracked the price of bitcoin since the company began holding the digital currency as a reserve on its balance sheet, making it a popular choice for obtaining indirect bitcoin exposure via public and regulated markets.

MicroStrategy has continued to accumulate bitcoin in its portfolio, despite recent US enforcement actions by the SEC and the CFTC, and a net loss of $250 million in the fourth quarter on its BTC holdings. Industry participants, including crypto hedge funds and family offices, have been watching MicroStrategy's market moves as traders navigate unsteady macro conditions.