In Brief:
- Blackrock, with $9 trillion in assets, has bought major holdings in two bitcoin miners, according to a statutory SEC filing.
Blackrock, the world’s largest money management company with $9 trillion assets, recently made significant investments in 2 major bitcoin mining firms.
According to June 30 SEC filing unearthed by Forbes, Blackrock owns stacks in Marathon Digital Holdings (6.71%) and in Riot Blockchain (6.61%).
Another factor worth highlighting is that the total capital commitment between the two miners is $382,962,003.08 million.
Broad indexes like the iShares Russell 2000 ETF and the iShares Expanded Tech-Software Sector own crypto miner shares among Blackrock’s hundreds of mutual funds and ETFs.
According to sources, the disclosure follows Fidelity Group’s recent announcement that it had purchased such big interests in bitcoin miners.
Vanguard Group, based in Valley Forge, Pennsylvania, is the majority shareholder of Marathon Digital and Riot Blockchain. It’s also important to note that, as a result of the recent filing, BlackRock has slipped behind.
In 2019, BlackRock’s first foray into the crypto industry was Robert Mitchnick, a former Ripple Product Marketer. He is now the firm’s head of distributed ledger technology and digital assets.
Also Read: Fidelity Investment Buys 7.4% Stake In the Marathon Digital Holdings
BlackRock also filed filings with the US Securities and Exchange Commission in January to incorporate cash-settled BTC futures.
Marathon and Riot have seen their stock going up and down along with bitcoin, which peaked at over $60,000 in April.
China announced a ban on bitcoin miners earlier this summer. Some predict that enterprises based in the US, such as Marathon, in Las Vegas and Riot, in Denver, will profit.
Bitcoin mining has become one of the world’s most lucrative companies.
