Fidelity,
Vanguard, Schwab Funds are Investing in Crypto Stocks
Charles Schwab, Fidelity, and
Vanguard have been buying up shares of various cryptocurrency mining firms,
including Riot Blockchain, HIVE Blockchain, Hut 8, and BC Group.
The stock purchases were
revealed in financial filings with the SEC. These also double down on the
mutual fund managers’ equity investments and experiments in the
cryptocurrency space. Schwab has invested in Ethereum application platform
Alchemy, while Vanguard has been piloting Symbiont’s blockchain for foreign
exchange transactions. Fidelity has a digital asset arm that’s set to launch
a trading service and a bitcoin index fund.
On Riot Blockchain, for
example, the filings show Charles Schwab bought around 22,977 shares for
$52,000, while two Vanguard funds - the Vanguard Index Fund and Vanguard Valley Forge Index Fund –
were invested in 954,229 shares worth $2,118,000. Two fidelity funds were
separately invested in 176,242 shares worth over $230,000.
Riot Blockchain, Hut 8, and
HIVE Blockchain are cryptocurrency mining firms, while the BC Group is a Hong
Kong-based digital asset platform.
