BlackRock, one of largest investing conglomerates in world, expands its presence in Bitcoin (BTC) mining segment
Almost two million shares were purchased by BlackRock in 2023 in a severe bearish market. Also, BlackRock is increasing its share in Cipher Mining. In May-August 2023, it purchased almost 500,000 shares of Cipher and now holds 2,433,554 shares, or almost 7% in the company.Hut 8 Mining Corp is the only mining heavyweight BlackRock seems to be pessimistic about. In May-August 2023, the firm got rid off 90,000 stocks of HUT8.
BlackRock has most aggressively increased its share in TerraWulf, a zero-carbon Bitcoin mining company from the United States. In 2023 only, BlackRock more than tripled its exposure to TerraWulf.Per some estimations, the net value of BlackRock's shares of public Bitcoin mining companies exceeds $250 million in equivalent.
In the cryptocurrency community, BlackRock gained popularity thanks to its efforts related to Bitcoin Spot ETF approval by the SEC. However, the investing manager actively increases its exposure to BTC during the ongoing"dip."
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