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Following a fiscal trail blazed by MicroStrategy ($425 million) and Square ($50 million), Stone Ridge has invested $115 million in bitcoin.

The asset management giant said it made the purchase through its subsidiary New York Digital Investment Group (NYDIG), which now has over $1 billion in assets under management.

The company’s new CEO, Robert Gutmann, told Forbes: “The macro backdrop against the public health backdrop has caused a lot of people to rethink their portfolio composition.”

MicroStrategy CEO Michael Saylor concurred, tweeting: “As the trillions of dollars on the balance sheets of banks, asset managers, insurance firms, endowments, & family offices begin their migration to the #Bitcoin universe, they will need firms like NYDIG to guide them.  $1 billion down, more to go.”

Fidelity bitcoin report

Meanwhile, a new report from Fidelity says bitcoin is uniquely decoupled from the movement of other asset classes, and recommends a 5% exposure to the top crypto.