BlackRock has significantly invested in Bitcoin mining
Global investment manager BlackRock with $9 trillion of assets in management has made significant investments in Bitcoin mining farms. This according to filings submitted by firm.
Based on June 30 filings with the U.S. Securities and Exchange Commission (SEC), Blackrock has investments of almost $384 million in Marathon and Riot. With a $207 million investment, BlackRock owns a 6.71% stake in Marathon Digital Holdings (MARA). With $176 million spent, it has a 6.61% share of Riot Blockchain (RIOT).
Among BlackRock’s hundreds of mutual funds and ETFs, the crypto miner investment is brought under broad indexes like its iShares Russell 2000 ETF, and its iShares Expanded Tech-Software Sector.
According to Etf.com, BlackRock’s iShares Russell 2000 ETF holds more shares in Marathon and Riot than any other ETF, while iShares Russell 2000 Value ETF ranks third on the same measure.
Bitcoin mining stocks are a popular investment, since there are relatively few products offering institutional investors regulated exposure to the crypto markets in the United States yet.
In January, the asset manager submitted documents with the SEC to include cash-settled bitcoin futures as eligible investments for two of its funds, the BlackRock Global Allocation Fund and the BlackRock Strategic Income Opportunities Portfolio.
Miner stocks prove to be a great investment. Marathon’s shares surged 754% and Riot has won even more in a year’s time, 848%.
While China announced a ban on bitcoin mining activities in the country not too long ago, it is expected that U.S. based companies like Marathon and Riot, can see its valuation jump even more as they are likely to benefit most.
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Author: Peter Siu