Vanguard invests $500 million in Bitcoin mining

While BlackRock is seeking a Bitcoin spot ETF from the SEC, Vanguard prefers to invest directly in the industry. And is widely buying shares in mining organizations.

Asset management giant Vanguard, accounting for US$7 trillion, is increasing its holdings in mining stocks by more than US$500 million. This is according to documents filed Monday with the US Securities and Exchange Commission (SEC).

According to the documents, Vanguard has increased its stake in Riot, the world's largest mining company, to 17.9 million shares, worth US$295 million. With this, the asset manager owns more than 10 percent of Riot's shares.

In addition to Riot, Marathon Digital

The company also bought millions of shares from rival Marathon Digital, increasing its stake from 10.9 million to 17.5 million shares. At $296 million, the investment roughly equals the value of Vanguard's stake in Riot.

In addition to Vanguard, other institutional investors are also showing more interest in Bitcoin. BlackRock is currently seeking approval for a spot ETF. For example, BlackRock CEO Larry Fink described Bitcoin as an "international asset."