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12 May 2021

US bank BNY Mellon blames “no exposure to Bitcoin” for fund underperformance

US bank BNY Mellon blames “no exposure to Bitcoin” for fund underperformance


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“Fund performance was hurt as well by a decision not to own MicroStrategy, whose stock surged when it announced it had invested in Bitcoin,” the filing read.

In a filing today, BNY Mellon said the performance of one of its investment funds was hindered by lack of exposure to Bitcoin: "Fund performance was hurt as well by a decision not to own MicroStrategy, whose stock surged when it announced it had invested in bitcoin.".

MicroStrategy stock surged by over 40% in the days after announcing its first Bitcoin purchase in mid-2020.

“As for stock selection, a position in Alamos Gold, a gold mining company, hampered performance as shares were hurt by weak gold prices,” the firm said.

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Why Fiat Experts Don’t Get Bitcoin
published: 35 minutes ago
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