Vanguard Invests $295 Million in Worlds Largest Bitcoin Miner, Sparking Industry Surge

Jul 11, 2023 9:16 AM

Bitcoin, Blockchain, Crypto Market, Cryptocurrency, Cryptomining, Financial

Vanguard Group Increases Stake in Riot Blockchain and Marathon Digital

The Vanguard Group, a $7 trillion asset management giant, has recently acquired a 10.24% stake in Riot Blockchain, the world’s largest Bitcoin mining company. Additionally, Vanguard has increased its holdings in Marathon Digital, a competing firm, from 10.9 million shares to 17.5 million. Both Riot and Marathon have seen significant gains, up approximately 400% year to date, surpassing the performance of Bitcoin itself.

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Key Points:
– Vanguard now owns a 10.24% stake in Riot Blockchain, worth $295 million.
– Vanguard has also increased holdings in Marathon Digital to $296 million.
– Riot and Marathon have outperformed Bitcoin with their impressive gains.
– Mining firms, including Riot, have invested heavily in expanding infrastructure in preparation for Bitcoin’s “halving” next year.
– Vanguard’s investment in the mining industry indicates a change in its stance towards cryptocurrencies.

Hot Take:
Vanguard’s increased stake in Riot Blockchain and Marathon Digital suggests a shift in its perception of cryptocurrencies. As the industry continues to gain traction and mining firms demonstrate impressive growth, major asset management companies like Vanguard are recognizing the investment potential in this emerging market. This move also aligns with the growing interest in cryptocurrencies from other influential players in the financial industry, such as BlackRock.