Aaryamann Shrivastava
FXStreet
- BlackRock reportedly is one of the biggest shareholders in four out of the top five mining companies.
- Bitcoin mining is considered to be one of the most lucrative investments as long as the price remains steadily high.
- With the chances of BlackRock’s spot Bitcoin ETF receiving approval soon, the asset manager fund’s standing in the crypto market could explode.
BlackRock initiated one of the biggest discourses in the crypto market this year after filing for a spot Bitcoin ETF. Even though the outcome is unsure as it lies in the hands of the Securities and Exchange (SEC), the firm is still invested in the crypto industry in ways many are not aware of.
BlackRock Bitcoin connection
BlackRock has been reported to be involved in the crypto market beyond the Exchange Traded Fund (ETF) application. According to the Bitcoin miner market capitalization index, BlackRock has its reach in four out of the five biggest BTC mining companies.
Among the top 13F filings, BlackRock is the second-largest shareholder, holding 6.14% of the shares in Riot Blockchain, 6.44% in Marathon Digital Holdings, 0.88% in Cipher Mining and 2.28% in TeraWulf.
BlackRock shareholding in top Bitcoin miners
Bitcoin mining is one of the most profitable investments, provided BTC is not suffering through a bear market. As long as the operation costs are lower than the rewards obtained from mining, miners can keep making good bucks no matter what the condition of the market is. Thus, BlackRock is certainly in the right to ensure they have a footing in a certainly profitable crypto investment.
This is a smart move on BlackRock’s end since the approval of the spot Bitcoin ETF application is very uncertain. Earlier this month, the SEC already delayed the decision on ARK Invest’s spot Bitcoin ETF application and is most certainly going to maintain a similar stance over the next couple of days when it comes to making a decision on other similar applications.
Should the BlackRock application find approval from the regulatory body, the firm’s position in the crypto market would explode as BTC would most certainly rally. Higher demand leads to higher transactions, resulting in more opportunities for miners to make profits. In return, it would benefit the asset manager.
However, if the application is rejected, BlackRock would still manage to make a gain from cryptocurrencies regardless, thanks to its investment in the mining sector.
Read more - Spot Bitcoin ETF has a 75% chance of approval in 2023, analysts say
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.