While BlackRock is looking to the SEC for a Bitcoin spot ETF, Vanguard prefers to invest directly in the industry. And buys shares in mining companies on a large scale.
The $7 trillion asset management giant Vanguard is boosting its mining stock holdings to more than $500 million.
That’s according to documents filed with the U.S. Securities and Exchange Commission (SEC) on Monday.
According to the documents, Vanguard has increased its stake in the world’s largest mining company Riot to 17.9 million shares, worth $295 million. This means that the asset manager holds more than 10 percent of Riot shares.
The company also bought millions of shares in rival Marathon Digital, increasing its holdings from 10.9 million shares to 17.5 million. At $296 million, the investment is roughly equal to the value of Vanguard’s Riot stake.
In addition to Vanguard, other institutional investors are also showing increased interest in Bitcoin. Currently, BlackRock is seeking approval for a spot ETF.
BlackRock CEO, Larry Fink, described Bitcoin as an “international asset.”
Image by Pete Linforth from Pixabay
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