News

Vanguard Group Invests Over $500M In Bitcoin Mining, Signals Crypto Boom: Report

Key Points:

  • 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

1 hour ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

3 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

6 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

7 hours ago

Sheetz Crypto Payments Now Accepted at Over 750 US Locations

Sheetz crypto payments: 750+ US stores now accept Bitcoin, Ethereum, and more, rewarding customers through…

7 hours ago

Zhu Su Wife Sells Singapore Mansion for $38 Million

Zhu Su’s wife sells Singapore mansion for $38.5 million amid heightened financial scrutiny on Three…

8 hours ago

This website uses cookies.