Choosing stock of gold mining companies instead of shares of firms investing in bitcoin has caused an underperformance for BNY Mellon’s tech-focused funds. The giant US bank outlined MicroStrategy – the company owning over 90,000 bitcoins – as the biggest missed opportunity.
BNY Mellon’s Funds Performance
In recent filings with the US Securities and Exchange Commission, America’s oldest bank conceded that preferring to go with stocks of gold mining organizations instead of such investing in BTC harmed its funds’ performance in Q1 2021.
More specifically, BNY Mellon outlined the lack of MicroStrategy as the most significant missed opportunity:
“Fund performance was hurt as well by a decision not to own MicroStrategy, whose stock surged when it announced it had invested in Bitcoin.”
Michael Saylor’s business intelligence giant announced its first BTC purchase in August last year, and its stocks traded around $125 at that time. As the firm kept accumulating massive porti
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