According to a regular report from BlackRock, which manages $ 9 trillion in assets, the firm has invested $ 383 million in American mining companies.
BlackRock has acquired a 6.71% stake in mining firm Marathon Digital Holdings and a 6.61% stake in Riot Blockchain. Marathon shares were purchased for $ 207 million, and $ 176 million was spent on the purchase of Riot shares.
Mining stocks have been bought by various BlackRock funds, however, according to ETF.com, iShares Russell 2000 is now the leader in terms of Marathon and Riot shares. The iShares Russell 2000 Value Fund is ranked third.
Earlier it became known about similar investments by Fidelity Group and Vanguard Group. Investment funds often use shares of mining companies as a mechanism for indirect investing in bitcoin.
The fact is that the cost of such securities strongly depends on the bitcoin rate, and their volatility is even higher than the volatility of the first cryptocurrency. For example, over the past year, stock prices for Riot and Marathon have risen by 848% and 754%, respectively, while Bitcoin has grown by only 288%.
In late May, BlackRock CEO Larry Fink said the company is exploring the possibilities of bitcoin, but is still wary of investing in it due to high volatility.
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