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Vanguard's Massive 10% Stake: Bitcoin Miner Powerplay!



Introduction

Vanguard, a prestigious trillion-dollar asset manager, boasts an extensive range of investment options and a vast portfolio of assets under management. With their expertise in investment management, Vanguard oversees a diverse array of assets, including equities, fixed income securities, index funds, mutual funds, exchange-traded funds (ETFs), and more. Their vast pool of assets spans across various sectors, industries, and global markets, offering investors a broad spectrum of opportunities to diversify and grow their portfolios. Vanguard's commitment to providing low-cost investment options and their focus on long-term investing has attracted investors seeking reliable and sustainable asset management solutions. As a trusted name in the industry, Vanguard continues to excel in managing and growing assets for individuals, institutions, and advisors alike.


Vanguard Group now owns a 10.24% stake in Riot Blockchain

Vanguard Group, a $7 trillion asset management giant, has increased its stake in Riot Blockchain, the world's largest Bitcoin mining company, according to a filing with the Securities and Exchange Commission (SEC). Vanguard now owns a 10.24% stake in Riot, worth approximately $295 million based on the current share price.


Additionally, Vanguard has expanded its holdings in Marathon Digital, a competing firm, to a value of around $296 million.

Both Riot and Marathon have experienced significant growth this year, reflecting the upward trajectory of the mining industry and outperforming Bitcoin itself. Vanguard's substantial investments in the mining sector indicate a potential shift in sentiment towards cryptocurrencies.


This follows a similar trend seen with BlackRock, another asset manager, whose CEO likened Bitcoin to "digital gold" and recently applied to launch the first Bitcoin spot ETF in the United States.



Reference

Throuvalas, A. (2023) Vanguard Group buys 10% stake in Bitcoin Miner riot, CryptoPotato. Available at: https://cryptopotato.com/vanguard-group-buys-10-stake-in-bitcoin-miner-riot/#:~:text=Vanguard’s%20total%20stake%20in%20Bitcoin,world’s%20largest%20Bitcoin%20mining%20company. (Accessed: 18 July 2023).



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