Key Points:
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.
Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…
Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…
Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…
SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…
Sheetz crypto payments: 750+ US stores now accept Bitcoin, Ethereum, and more, rewarding customers through…
Zhu Su’s wife sells Singapore mansion for $38.5 million amid heightened financial scrutiny on Three…
This website uses cookies.