Vanguard Group Owns Bitcoin Mining Stock Worth Over $560 Million
On Monday, July 10, a U.S. Securities and Exchange Commission filing revealed that the American investment management company Vanguard Group has increased its exposure to Bitcoin mining companies. The report demonstrated that Vanguard’s exposure to Bitcoin mining activity increased its stock holding to over $560 billion.
It was reported that the asset managers purchased substantial stock from Riot Platforms and Marathon digital holdings. The SEC document mentioned that the Vanguard Group heavily invested in Marathon Digital, holding by 60% to reach 17.5 million from 10.9 million shares.
Overview of Vanguard Bitcoin Mining Stock
According to Nasdaq Marathon Digital, listed under the ticker symbol, MARA trades at $16.03 per share. This implies that Vanguard’s 17.5 million shares are worth more than $280.5 million.
On the other hand, the SEC report revealed that the Vanguard Group purchased more shares from the Bitcoin mining company Riot Platforms. The report illustrated that Vanguard Group increased its shares by 18% from 15.2 million to 17.9 million .
At press time 11:07 UTC, RIOT shares are trading at $16.79 on Nasdaq. This implies that Vanguard’s Riot shares are worth over $281 million in stock. The RIOT shares on Nasdaq ranks among the top crypto miners in the United States.
Interestingly, the Vanguard Group total stock on Bitcoin mining translates to $560 million. Beyond this, the asset manager currently manages assets worth $7.2 trillion.
Why are Asset Management Firms Interested in Bitcoin?
In 2021 the Vanguard Group was against the long-term investment of crypto assets citing its “weak” nature. Despite the Vanguard’s anti-crypto sentiments, the assets manager has initiated an implicit move to explore the crypto space.
As of this publication, the Vanguard Group is the largest shareholder of Marathon Digital. The asset manager has recently gained interest in Bitcoin, the world’s largest crypto asset by market capitalization.
A few days ago, Vanguard competitor BlackRock recognized Bitcoin as an international asset. Larry Fink, the chief executive of BlackRock, confessed that Bitcoin was a “valuable asset” that the BlackRock team owned and made substantial profits from the digital asset.
Besides BlackRock’s massive interest in Bitcoin, the asset manager filed for the spot exchange-traded fund in June. On the SEC filing, it is evident that BlackRock ranks as the world’s largest asset manager, managing assets worth $9.5 trillion.
The report demonstrated that BlackRock owns massive Marathon digital shares, ranking as the second-best investor with over 8.6 million shares. Recently asset management firms have been seeking to acquire SEC’s spot Bitcoin ETF. The demand for spot Bitcoin ETF has propelled the prices of most crypto assets to gather their bullish steam.
On June 20, Charles Schwab, Citadel Securities, and Fidelity Digital Assets launched EDX Market for institutional investors. The EDX platform will provide institutional clients with a platform to buy and sell Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).
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