BlackRock invested $383 million to mining companies – Bits Media

According to the latest report from BlackRock, which manages the assets on $9 trillion, the firm invested $383 million to American mining companies.

BlackRock acquired 6.71% shares of the mining company Marathon Digital Holdings and 6.61% Riot Blockchain shares. Marathon shares were bought for the amount $207 million, and on the purchase of Riot shares was spent $176 million.

Mining company shares were bought by various BlackRock funds, but, according to ETF.com service, фонд iShares Russell 2000 now # 1 in Marathon and Riot. Фонд iShares Russell 2000 Value ranks third in the ranking.

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, that the cost of such securities is highly dependent on the bitcoin rate, and their volatility is even higher than the volatility of the first cryptocurrency. for instance, over the past year, Riot and Marathon share prices have risen by 848% and 754% respectively, but bitcoin grew only by 288%.

In late May, BlackRock CEO Larry Fink (Larry Fink) stated, that the company is exploring the possibilities of bitcoin, however, he is still afraid to invest in it due to high volatility.