Vanguard Group Invests Over $500M In Bitcoin Mining, Signals Crypto Boom: Report
- Vanguard Group, managing $7.2 trillion in assets, has recently invested in Bitcoin mining companies, purchasing more stock from Riot Platforms and Marathon Digital.
- The increased stake in the cryptocurrency industry to over half a billion dollars demonstrates a significant shift in the company’s attitude towards cryptocurrencies.
- The growing interest from major financial institutions, including BlackRock, suggests that Bitcoin and the cryptocurrency world could be set for a significant period of growth and development in the coming years.
Vanguard Group invests in Bitcoin mining, increasing stake to over half a billion dollars, marking a significant shift in attitude towards cryptocurrencies.
Asset manager Vanguard Group has recently increased its investments in Bitcoin mining companies, marking a notable shift in the company’s stance towards cryptocurrencies. Vanguard Group, which manages an impressive $7.2 trillion in assets, purchased more stock from Riot Platforms and Marathon Digital, increasing its stake in the industry to over half a billion dollars.
According to filings with the United States Securities and Exchange Commission, Vanguard Group increased its Marathon Digital holdings by a staggering 60%, from 10.9 million shares to a whopping 17.5 million.
Riot Blockchain, the largest crypto miner in the United States, trades on the Nasdaq as RIOT, and its stock is currently trading for $15.72 per share. Just two years ago, Vanguard Group claimed that the long-term investment case for cryptocurrencies was “weak.” However, the recent investments demonstrate a significant shift in the company’s attitude towards cryptocurrency.
The growth in institutional interest in cryptocurrencies, particularly Bitcoin, is becoming increasingly evident. Last week, Larry Fink, the CEO of BlackRock, the world’s largest asset manager with $9.5 trillion worth of assets under management, said that Bitcoin was an “international asset.”
BlackRock also applied to the SEC for a spot Bitcoin exchange-traded fund last month and is the second-largest investor in Marathon Digital, with 8.6 million shares. A number of other major fund managers have also applied for a Bitcoin ETF, which has helped to send the price of the cryptocurrency to a year-high.
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