Schwab, Fidelity and Vanguard diversify portfolios with mining stocks

The American financial giant Charles Schwab has begun purchasing shares of Riot Blockchain, the Nasdaq-listed mining company. Vanguard’s investment funds and the Fidelity corporation are diversifying their portfolios in a similar fashion, according to CoinDesk.

In a report by the U.S. Securities and Exchange Commission, states that in the first half of 2020 Charles Schwab purchased 22,977 Riot shares for $52,000. Two Vanguard funds already own 954,229 Riot shares worth $2.1 million. Fidelity holds 176,242 Riot shares worth $230,115.

The same corporation holds 2,769,759 shares of HIVE Blockchain Technologies worth $1 million. Fidelity plans to launch a trading service and a Bitcoin-linked index fund.

Fidelity also owns 10,451,094 shares of Hut 8. This accounts for approximately 10.58% of the Canadian mining company’s outstanding shares.

Vanguard continues to test blockchain-based securities calculations; the first phase of the pilot project concluded in June. Partners in the experiment include the startup Symbiont and the banks The Bank of New York Mellon and Citibank.

Back in 2019, Charles Schwab acquired the bitcoin-friendly broker TD Ameritrade. The deal was valued at $26 billion.

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