Lincoln Avenue Capital, an investment team that addresses the “affordable housing” sphere shared the details of its eight-digit Bitcoin (BTC) purchase.

Lincoln Avenue Capital buys its first 1,000 Bitcoins (BTC)

According to the official announcement shared on its social media channels, U.S.-based asset management firm Lincoln Avenue Capital has bought 1,000 Bitcoins (BTC) at the $33,525 level.

Lincoln Avenue Capital has acquired 1,000 #Bitcoin at an average price of $33,525.

The purchase represents 5% of the firm’s AUM as of July 10, 2021.

The company may invest up to 20% of total AUM in the asset class in the future, per its investment mandate.

— Lincoln Avenue Capital (@LincAveCapital) July 10, 2021

This $33.5 million purchase constitutes five percent of the net value of the firm’s assets under management. At the same time, Lincoln Avenue Capital shares its ambitions to increase this figure in the future.

As per the announcement, Lincoln Avenue Capital may invest up to 20 percent of its AUM into the flagship cryptocurrency.

Active since 1998, Lincoln Avenue Capital offers its clients various investing strategies with a focus on middle-class real estate objects.

Welcome to the club

As of 2021, Lincoln Avenue Capital preserved 4,100 units of property across the U.S. in the “affordable” category.

Their purchase is announced amidst another wave of accumulation of Bitcoins (BTC). Data by Glassnode leading on-chain tracker indicates increasing interest in long-term holding demonstrated by Bitcoiners.

#Bitcoin is back in an accumulation phase.

Liveliness decreasing means coins are being hodled.

Bitcoin Liveliness = (ΣCoin Days Destroyed)/(ΣCoin Days Created). pic.twitter.com/whwr9RBVJ2

— 🟠Dylan LeClair🟠 (@BTCization) July 10, 2021

According to Bitcoin Treasuries, the largest dashboard dedicated to corporate holdings of Bitcoin (BTC), more than 1.6 million Bitcoins (BTC) are owned by corporations. That is almost eight percent of Bitcoin’s circulating supply.