Investment giant BlackRock has bought shares in four of the largest U.S. crypto mining companies for $411 million as their values plummeted. 

BlackRock bought $411 million worth of shares of major U.S. mining companies on the fall, becoming one of the largest members of the Bitcoin Mining Council lobbying group.

BlackRock, the world’s biggest company by assets under management, has bought shares in four of the five largest U.S. digital asset mining companies. This is reported by Finbold, citing data from CNN. 

Among the newly acquired assets of BlackRock are: 

  • Riot Blockchain (RIOT) — 10.7 million shares (6.14%) worth $199.08 million;
  • Marathon Digital (MARA) — 10.9 million shares (6.44%) worth $190 million;
  • Cipher Mining (CIFR) — 2.2 million shares (0.88%) worth $8.36 million;
  • TeraWulf (WULF) — 4.8 million shares (2.28%) worth $14.10 million.

BlackRock bought back shares of the miners as their value fell. Thus, according to CompaniesMarketCap data, the value of shares of U.S. miners that the venture capital firm bought back fell as follows over the past month: 

  • RIOT — down 22%; 
  • MARA — down 35%; 
  • CIFR — down 12%;
  • WULF — down 31%.

The company’s investment amounted to 0.35% of the total capital it holds ($117.6 billion). Besides, thanks to investments, BlackRock became one of the leaders of the Bitcoin Mining Council, a lobbying group of the U.S. Bitcoin industry. 

BlackRock is actively interested in the cryptocurrency market. Thus, in June, the company applied to issue a spot Bitcoin ETF in the United States. Due to the recent court decision in the Grayscale vs. SEC case, this application with a high probability can be considered in 2023. 

Author: Alex Golovakha
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