The investment giant BlackRock holds shares in four cryptocurrency mining companies totaling $411 million. Finbold reports, citing CNN.
According to CompaniesMarketCap, the combined market capitalization of the five largest Bitcoin miners is around $5.4 billion, but they recorded substantial losses in the past month.
According to the report, on July 30 BlackRock bought shares of leading digital-asset miners on a pullback:
- Riot Blockchain (RIOT) — 10.7 million shares (6.14%) worth $199.08 million;
- Marathon Digital (MARA) — 10.9 million shares (6.44%) worth $190 million;
- Cipher Mining (CIFR) — 2.2 million shares (0.88%) worth $8.36 million;
- TeraWulf (WULF) — 4.8 million shares (2.28%) worth $14.10 million.
The total value of the venture firm’s investments represents 0.35% of the $117.6 billion it manages.
Moreover, BlackRock’s current stake makes it one of the largest holders by volume among the members of the Bitcoin Mining Council — the Bitcoin-industry lobbying group in the United States.
Earlier, on June 15, the investment company filed with the SEC an application to register a spot Bitcoin fund. Following that, similar filings were made by Valkyrie, Fidelity Investments, WisdomTree and Invesco.
In July, it emerged that the regulator has begun reviewing all submitted forms. So far the Commission has not approved any ETF based on the spot-price of digital gold.
In the same month, BlackRock CEO Larry Fink said of cryptocurrencies’ significant role in democratizing investment and in the firm’s development. Earlier, he called Bitcoin an “international asset” that investors can buy instead of precious metals to hedge against inflation.