Forbes recently reported that Fidelity Investments, a major asset management firm, has recently acquired a stake worth $20 million in Marathon, one of the largest Bitcoin mining companies.
Fidelity acquired the 7.4% stake in late July and divided the ownership within the company’s four broad index-based funds namely: Fidelity Extended Market Index Fund (FSMAX), Fidelity Nasdaq Composite Index Fund (FNCFX), Fidelity Total Market Index Fund (FSKAX), and Fidelity Series Total Market Index Fund (FCFMX).
The company’s move to spread the stake to its funds is now a growing trend amongst asset managers for handling crypto assets.
Fidelity is one of the largest financial services companies in the world, managing around $4.9 trillion worth of assets of more than 35 million clients.
In an interview with Forbes, Marathon CEO Fred Thiel revealed:
“We’re super excited about the institutional ownership. If you look at the change from last year to this year and even the last two quarters have just been amazing [in] how much institutional ownership has grown in our stock.”
Apart from Fidelity, some of the other major companies investing in Marathon Digital Holdings are Susquehanna, BlackRock, and Vanguard.