Institutional investors are seen to be rushing toward Bitcoin (BTC) at high speed, with more companies emerging that look to adopt Bitcoin as a way to store their reserves. Recently, Marathon Patent Group, a Nevada-based Bitcoin mining company, has bought $150 million worth of Bitcoin as a reserve asset, a move similar to MicroStrategy purchasing $425 million worth of Bitcoin in September 2020. This purchase made Marathon Patent Group the third-largest holder of BTC among publicly traded companies
In addition to Marathon, BlackRock (NYSE:BLK), the world’s largest asset manager by virtue of assets under management, has stated in its new filings to the United States Securities and Exchange Commission that Bitcoin derivatives now could be a part of the investment schemes of two of its associate funds, BlackRock Global Allocation Fund Inc. and BlackRock Funds. This is bound to set a precedent for other large asset management companies, such as Vanguard, UBS Group, State Street (NYSE:STT) Advisors, etc., to enter into the domain of crypto investments.
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