"Remind me to apply for spot BTC ETF only, but BlackRock invests in crypto-related companies as well."
It's already known that the cryptocurrency market reacted positively when BlackRock applied for a spot Bitcoin (BTC) ETF, and this time the investment management firm is said to have a significant stake in a BTC mining company.
In the past, Fidelity and Vanguard have also reportedly made similar moves to BlackRock by buying shares in BTC mining companies.
Please be informed that BlackRock which is the largest asset manager in the world has not only held over half a billion dollars of shares in BTC mining companies but also publicly listed firms.
Revealed by an affiliate of environmental non-profit organization Greenpeace International called Greenpeace USA in August 2023, BlackRock appears to be heavily invested in large publicly traded mining companies.
The investment is essential for mining companies to access financing for their energy-intensive facilities.
In 2022, BlackRock launched a private BTC trust that allowed institutional investors to gain exposure to crypto plus they also filed a spot BTC ETF application with the Securities and Exchange Commission (SEC).
Any chance of its approval in the near future could push the crypto price to bounce back from its recent slump.
It is well known that Greenpeace once explained in a report on August 14, 2023 that the energy consumption and carbon emissions of the top digital assets increased as BTC prices and trading volumes also surged.
