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A 94-year-old Los Angeles mutual-fund giant, Capital Group, has made one of the biggest bets on Bitcoin by a mainstream investment firm.
Portfolio manager Mark Casey, a veteran who has spent 25 years at the firm, has been one of its more public proponents despite the firm's conservative, disciplined investing reputation.
Casey, who is 54 years old, calls Bitcoin "one of the coolest things ever created by people." He came to see it as a legitimate investment after a meeting in 2013 with Wences Casares. After thinking about it, he finally made the move to invest in MicroStrategy, now Strategy.
The Wall Street Journal reports that, in 2021, Capital Group bought a 12.3% stake in Strategy for more than $500 million.
Capital Group's stake in Strategy has been diluted to 7.89% through several rounds of share issuances; the stake is worth $6.2 billion after Strategy's stock price has increased by more than 2,200% over the last five years.
The firm’s stake may have gone down 16% in the past month, but it still highlights the firm’s conviction in getting behind Strategy early.
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Casey and his peers also bought 5% of Metaplanet this year. Metaplanet, a Japanese hotel operator that has transitioned into a Bitcoin treasury firm. Its value increased by 70% in 2025, despite a recent decline.
Capital Group also has stock in MARA Holdings, which mines Bitcoins. These positions are relatively small compared to the company's $3 trillion in assets under management, but they demonstrate that Bitcoin is gaining wider acceptance.
Related: What is Crypto? Cryptocurrency explained
Casey sees Bitcoin as a commodity, like gold and oil, and says it will take gold's place as a modern store of value. However, he doesn't trust other cryptocurrencies like Ethereum, but he thinks that Bitcoin's adoption curve will keep pushing its price up over time.
This story was originally reported by TheStreet on Sep 15, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
