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Fidelity Takes 7.4% Stake in Marathon Digital
The investment reflects growing institutional and individual interest in investing in crypto-related companies.
Mutual fund giant Fidelity Investments has acquired a 7.4% stake in crypto miner Marathon Digital Holdings for about $20 million, according to a Forbes report.
STORY CONTINUES BELOW
- The investment was made on July 22 and was spread across four index-based funds, including 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).
- Fidelity is one of the largest financial services companies in the world, with almost $5 trillion in assets under management and more than 35 million clients.
- The investment reflects the growing institutional and individual interest in investing in crypto-related companies. Several other large institutional firms have large stakes in Marathon, including Vanguard (7.58%), Susquehanna (2.7%) and BlackRock (1.59%), according to Forbes.
- Shares of Marathon were up more than 4% on Thursday, potentially on the Fidelity news. Shares of Marathon are up well over 600% over the past year.
- Marathon said this week it increased its generation of bitcoin by 66% in July.
Read more: Marathon Digital to Buy $121M of Mining Machines From Bitmain
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
