BlackRock (NYSE: BLK) is the largest asset manager in the world with $9.42 trillion in assets under management (AUM). Bitcoin (BTC) is now the largest cryptocurrency with a market capitalization of $827 billion.
Notably, BlackRock is showing growing interest in cryptocurrencies, especially Bitcoin. On August 28, Finbold reported that BlackRock is a major shareholder in four of the five largest Bitcoin miners. The company has also filed to launch a spot Bitcoin ETF through its ETF arm iShares.
The financial titan has now actively expanded its position with listed Bitcoin mining companies in the USA. Interestingly, BlackRock is a major shareholder in all US-based public Bitcoin mining companies except Core Scientific Inc (OTCMKTS: CORZQ).
According to data from CompaniesMarketCap as of December 16, Marathon Digital Holdings (NASDAQ: MARA) is the largest Bitcoin mining company with a market cap of $4.07 billion. Riot Blockchain (NASDAQ: RIOT) follows with $3.22 billion and CleanSpark (NASDAQ: CLSK) has grown to third place with $1.96 billion.
Cipher Mining (NASDAQ: CIFR), TeraWulf (NASDAQ: WULF), BitDigital (NASDAQ: BTBT), Stronghold Digital Mining (NASDAQ: SDIG) and Greenidge Generation Holdings (NASDAQ: GREE) have a capitalization of less than $1 billion – but are also part of BlackRock’s investment portfolio.
Listed Bitcoin mining companies in the United States. Source: CompaniesMarketCap
BlackRock's shares in US Bitcoin mining companies
Specifically, Finbold pulled shareholder data from each of these companies on CNN Business. We found that BlackRock increased its position in most of them while selling shares in others.
First, BlackRock now has 11,206,584 MARA shares (5.30%) worth $98.73 million. The financial titan also owns 5.65% of RIOT shares (11,215,047) worth $109.68 million. These are the two largest positions, both of which have increased with more buying since the last report.
Third, there is CIFR, followed by WULF and the recently added CLSK to BlackRock's portfolio. With holdings of $8.95 million (1.07%), $9.47 million (3.68%) and $33.68 million (5.38%), respectively.
Nonetheless, BlackRock sold 11,042 BTBT shares, resulting in a current position worth $8.59 million (4.81%).
Additionally, both SDIG and GREE make up the smallest percentage of BlackRock’s Bitcoin mining companies. Worth $115,235 (0.37% of the company's total shares) and $68,366 (0.31%), respectively.
It is important to note that all publicly traded Bitcoin mining companies have recorded negative “profits” since their inception. However, this unfavorable scenario has not stopped BlackRock from expanding its position as a major shareholder.
Essentially, the Bitcoin mining business is highly competitive and uncertain and completely dependent on the price movement of BTC.
Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
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