Cipher

United

Bitcoin

Spot

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
Fighting for the approval of the first-ever Bitcoin Spot ETF in the United States might not be the only way BlackRock is going to benefit from a potential Bitcoin (BTC) rally. Researchers unveiled that the $10 trillion asset manager is buying more and more shares in public companies associated with BTC mining. 
<h2 id="blackrock-accumulates-shares-of-public-bitcoin-btc-miners-data-says">BlackRock accumulates shares of public Bitcoin (BTC) miners, data says</h2> 
BlackRock might be among the biggest shareholders in the most influential Bitcoin (BTC) mining firms. The asset manager purchased a large amount of stocks of Riot Blockchain, Marathon, CipherMining and TerraWulf top-tier mining entities. This information was unveiled by independent crypto researcher Collin Brown today, Aug. 29, 2023. 
<blockquote class="twitter-tweet"> 
 🔌⛏️ BREAKING: <a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BlackRock</a>'s Bitcoin game is all about <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> mining. As a powerhouse shareholder in 4 out of the 5 leading <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> mining giants worldwide - Riot, Marathon, Cipher, Hut 8, and TeraWulf - they mine BTC and plan to acquire more through the upcoming BTC ETF. 💎🚀 <a href="https://t.co/srltruwcxJ" rel="noopener noreferrer nofollow">pic.twitter.com/srltruwcxJ</a>— Collin Brown (@CollinBrownBTC) <a href="https://twitter.com/CollinBrownBTC/status/1696366826026840549?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 29, 2023</a> 
</blockquote> 
At the same time, for at least one of public Bitcoin (BTC) mining firms, the data by Mr. Brown looks outdated. In Marathon Digital Holdings Inc., BlackRock owns&nbsp;8,620,526 shares, or 7.4%, data aggregators <a href="https://fintel.io/so/us/mara/blackrock" rel="noopener noreferrer nofollow">say</a>. 
Almost two million shares were purchased by BlackRock in 2023 in a severe bearish market. Also, BlackRock is increasing its share in Cipher Mining. In May-August 2023, it purchased almost 500,000 shares of Cipher and now holds&nbsp;2,433,554 shares, or almost 7% in the company. 
Hut 8 Mining Corp is the only mining heavyweight BlackRock seems to be pessimistic about. In May-August 2023, the firm got rid off 90,000 stocks of HUT8. At the same time, in the last days of 2022, BlackRock purchased more than 3x larger stake in the company. 
BlackRock has most aggressively increased its share in TerraWulf, a zero-carbon Bitcoin (BTC) mining company from the United States. In 2023 only, BlackRock more than tripled its exposure to&nbsp;TerraWulf. 
<h2 id="in-shadow-of-bitcoin-spot-etf-drama">In shadow of Bitcoin spot ETF drama</h2> 
Per some estimations, the net value of BlackRock's shares of public Bitcoin (BTC) mining companies exceeds $250 million in equivalent. 
In the cryptocurrency community, BlackRock gained popularity thanks to its efforts related to Bitcoin Spot ETF approval by the SEC. However, the investing manager actively increases its exposure to BTC during the ongoing "dip." 
As covered by U.Today previously, BlackRock and Fidelity are purchasing stocks of MicroStrategy (MSTR), the largest corporate Bitcoin (BTC) holder.

Beyond Bitcoin ETF: Inside BlackRock Bitcoin (BTC) Mining Strategy

Table of Contents

U_Today

Other articles published on Aug 30, 2023

US SEC's Gary Gensler To Face Huge "Crypto" Hearings

Bitcoin Surge: These Drivers Pushing BTC up Even Stronger Than Grayscale Win

Bitcoin Faces Bearish Activity At $28K As Whales Eye Profits – Will BTC Price Trigger A Wave Of S...

Robinhood wallet now supports Bitcoin, Dogecoin and Ether swaps

Global Crypto Influencers Buzz as Court Ruling Shakes Up Bitcoin ETF Speculations

US Congressman Calls to Dismiss Gensler as SEC Chair Following Grayscale Ruling

Join our free newsletter for daily crypto updates!