Bitcoin mining was once a playground for individuals and small businesses. However, with the strong entry of institutional investors, the landscape has changed completely. Powerhouses like Vanguard, Blackrock, and Fidelity now hold huge stakes in 15 leading cryptocurrency mining companies, turning the industry into a battleground for billions of dollars from Wall Street.
The Shift of Power to Institutional Investors
The ownership chart of the top Bitcoin mining companies shows a clear trend: large financial institutions are taking over the market. From Tether’s dominance in some companies to the decline of retail investors, the overall picture shows a dramatic shift in control.
Institutions now hold up to 90% of the shares of many Bitcoin mining companies, placing a big bet on the growth of the industry. The following analysis will dive into the top 15 publicly traded Bitcoin mining companies by market capitalization, along with the major institutional investors behind them.
Top 15 Bitcoin Mining Companies and Institutional Investors
1. Galaxy Digital Holdings Ltd. (GLXY)
- Fidelity Management & Research Co. LLC holds 14.88% of shares
- Institutional investors control a significant portion, but retail investors still have a large influence
2. MARA Holdings, Inc. (MARA)
- Blackrock and Vanguard hold 13% and 11% of shares, respectively
- Institutions control 44–49%
3. Riot Platforms, Inc. (RIOT)
- Vanguard (9.8%) and Blackrock (7.0%) are major investors
- Institutional ownership is at 40%
4. Core Scientific, Inc. (CORZ)
- Vanguard owns 19.4 million shares, Beryl Capital Management holds 18.2 million
- Institutional control ratio up to 90%
5. Bitdeer Technologies Group (BTDR)
- Yong Rong (HK) Asset Management is the largest institutional investor with a $65 million stake
- Institutional ownership ranges from 22.25% to 40.93%
6. Northern Data AG (NB2)
- Tether Holdings Ltd. owns 39.29% stake, worth 1.176 billion euros
- Retail investors hold 59.1% stake
7. Cleanspark, Inc. (CLSK)
- Vanguard (6.55%), Blackrock (6.15%) and Dimensional Fund Advisors are the top institutional shareholders
- Institutions own 43–46% of shares
8. Iris Energy Limited (IREN)
- Castle Hook Partners owns 3.7% of shares
- Morgan Stanley and Vaneck Associates also hold significant stakes
9. Cipher Mining Inc. (CIFR)
- Retail investors own 40% of shares
- Vanguard and State Street hold 27–32%
10. Applied Digital Corporation (APLD)
- CEO Wesley Cummins owns 10.39% of shares
- Blackrock and Vanguard hold more than 65–75% of shares
11. Hut 8 Corp. (HUT)
- Blackrock (10%) and Vanguard (7%) are the largest institutional shareholders
- Retail investors still control 57%
12. Terawulf Inc. (WULF)
- 62.3% of shares are owned by large financial institutions, led by Blackrock (8.2%) and Vanguard (6.5%)
13. Bitfufu Inc. (FUFU)
- Founders and insiders own 82.9% of shares
- Morgan Stanley holds only 1.37–1.49%
14. Bitfarms Ltd. (BITF)
- Vanguard (12.5%), Blackrock (11.2%), and Fidelity (9.8%) are the largest institutional shareholders
- Institutional ownership ranges from 25–30%
15. Cango Inc. (CANG)
- The company has a retail-driven ownership structure, with 51% of the shares held by the public
- Morgan Stanley owns only 13–14%
The Shift in Bitcoin Mining
The rise of institutional capital in the cryptocurrency mining sector is raising many questions about the future of the industry. As hedge funds and large financial conglomerates control the majority of shares, Bitcoin’s original decentralized model is at risk of being challenged.
This could lead to more stability in the industry, but it could also stifle innovation as institutions prioritize profits over the original ideals of blockchain. The balance between Wall Street and the crypto community will be a determining factor in the future direction of Bitcoin mining.
