BlackRock, the world’s largest asset manager, has invested in four of the five largest Bitcoin (BTC) mining companies by market cap. The move is especially notable since BlackRock is a traditional financial institution whose values are sometimes at odds with those of the free-spirited world of cryptocurrencies.
Nevertheless, the Wall Street giant recently raised its white flag by applying for approval to launch a Bitcoin exchange-traded fund (ETF). It is currently the second-largest shareholder in the top four mining companies.
BlackRock Secures Bigger Stakes Amid Steep Miner Losses
CompaniesMarketCap estimates the total market capitalization of the companies BlackRock invested in at $5.4 billion. The miners have suffered significant losses over the past month, allowing BlackRock to buy shares cheaply and increase its presence in the industry.
Learn more here about the economics of crypto mining.
BlackRock Invested In These Companies
BlackRock’s vast financial resources allow the company to help comparatively smaller mining companies. Its most recent investments were spread across Riot Platforms Inc., Marathon Digital Holdings, Cipher Mining Inc., and TeraWulf Inc.
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Top crypto platforms in the US | December 2023
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