Key Takeaways:
- Vanguard Group LLC currently controls $560 million in Bitcoin mining stocks
- After BlackRock, Vanguard is the second-largest assets management firm
- It now controls majority share in prominent BTC mining firm Marathon Digital
YEREVAN (CoinChapter.com) — World’s second-largest asset management firm Vanguard Group has significantly increased its investments in Bitcoin (BTC) mining companies. According to a recent filing with the US Securities and Exchange Commission (SEC), it has scooped in $560 million in BTC mining stocks to surpass a total stake of half a billion dollars.
Oversees a staggering $7.2 trillion in assets, Vanguard sits below BlackRock, which leads the asset management pack with a colossal $9.5 trillion in assets.
After the latest accumulation, Vanguard expanded its holdings in Riot Platforms (NASDAQ: RIOT) and Marathon Digital (NASDAQ: MARA).
Vanguard Group’s sudden love for cryptocurrencies
It is worth noting that just two years ago, Vanguard Group expressed skepticism about the long-term investment potential of cryptocurrencies, describing the investment case as “weak.” However, it now holds the largest ownership stake in Marathon Digital.
As the filing revealed, Vanguard Group increased its position in Marathon Digital by 60%, acquiring 17.5 million shares. This is a significant increase from the previous 10.9 million.
According to Google Finance, Marathon Digital’s current share price is at $16.08. This puts Vanguard’s investment in the company at $290 million.
The Asset Manager also raised its stake in Colorado-based Bitcoin (BTC) miner Riot Blockchain by almost 18%, going from 15.2 million shares to 17.9 million. With a current value of $17.65 per share, while writing, its stock holdings in the firm amount to over $300 million.
Institutional interest grows for BTC mining stocks
The growing interest from institutional players in the cryptocurrency space, particularly in Bitcoin, is evident. Last month, BlackRock filed with the SEC for a BTC exchange-traded fund.
BlackRock also holds the second-largest stake in Marathon Digital, with 8.6 million shares. Additionally, several other prominent fund managers have applied for bitcoin exchange-traded funds, resulting in a surge in the cryptocurrency’s price to a one-year high.
Recently, rumors broke that another asset manager, Fidelity, would file for a spot Bitcoin exchange-traded fund (ETF).
With large asset managers turning their attention to Bitcoin, the signs for the future of the crypto market are nothing but bullish.
