Blackrock's Investments In Bitcoin Mining Companies Revealed

Also Read: Ripple Vs SEC: Key Executives Signal Trial Readiness for Q2 2024

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Blackrock Investments In Bitcoin Mining Companies

The world’s largest asset manager, Blackrock, is said to be holding more half a billions dollars worth of shares in Bitcoin mining companies, which also includes publicly listed companies. Greenpeace USA, an affiliate of environmental nonprofit organization Greenpeace International, had earlier in August 2023 revealed findings from its research on Blackrock investments.

“Greenpeace USA research finds that BlackRock controls nearly $600 million worth of shares in Bitcoin mining companies and has shares in most of the large publicly traded miners. These investments are vital for mining companies to access funding for their energy-intensive facilities.”

In a latest, some popular crypto Twitter accounts too have reported the same:

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The company had in 2022 launched a private Bitcoin trust, which let institutional investors gain exposure to the top cryptocurrency. In a recent development, the company filed for a spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC). Any chance of its approval in the near future could be an irreversibly bullish sign for the crypto asset market considering the massive reach the asset manager has across industries.

Cost To Climate

Despite the economic prosperity Blackrock could bring to Bitcoin investors, Greenpeace argues that it could come at a “Sharp cost to the climate and the rest of society.” It explained in the August 14, 2023 report that the top cryptocurrency’s energy consumption and carbon emissions rise when the Bitcoin price and trading volume goes up.

Also Read: Will Bitcoin React To Jackson Hole Meeting, Jerome Powell Speech?

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