Bitcoin

In a significant move reflecting growing institutional interest in cryptocurrency, BlackRock, the world's leading asset manager, has substantially increased its holdings in two of the largest public bitcoin <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a>, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a> and <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a>. As of January 26, 2024, BlackRock's client holdings in these firms have soared to $650 million, underscoring a strong confidence in the future of bitcoin mining.&nbsp; according to <a href="https://theminermag.com/news/2024-01-26/blackrock-stake-marathon-bitcoin-mining/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
BlackRock’s investment strategy has evolved to meet customer demands, not just in bitcoin spot ETFs but also in bitcoin mining stocks. The firm's filing on Thursday revealed a doubling of their holdings in <a href="https://ultramining.com/news/marathon-digital-povyshaet-energoeffektivnost-s-pomoshhyu-majnerov-s19-xp/" rel="noopener noreferrer nofollow">Marathon Digital Holdings</a> to 17.2 million shares, valued at approximately $410 million based on Marathon’s closing price as of December 29, 2023. This marks a significant increase from just $30 million at the end of 2022 when Marathon’s stock plummeted to $3.42.
Furthermore, another filing on Friday showed that BlackRock held about 15.5 million shares in Riot Blockchain, worth around $250 million. This increase in shareholding comes despite a notable dilution in Marathon and Riot shares in 2023 due to capital raising efforts.
Interestingly, BlackRock's approach to investing in Marathon differs from Vanguard, the largest institutional holder of Marathon's stocks. While Vanguard's holdings are primarily through its mutual funds, BlackRock’s mutual funds held only a portion of its total Marathon shares.

BlackRock Bolsters Investment in Bitcoin Mining Giants Riot and Marathon

Ultramining_Eng

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