The Bitcoin (BTC) mining industry is undergoing a seismic shift as institutional investors increasingly take significant control of leading mining companies. With financial giants such as Vanguard, Blackrock, and Fidelity joining the fray, what was once a retail investor’s playground is becoming a major financial battleground. This control marks a new era for the cryptocurrency mining industry, with many questions being raised about the future of blockchain decentralization.

Inside the Top 15 Bitcoin Mining Companies

The fact that major financial institutions control a majority stake in Bitcoin mining companies reflects a significant power shift. Ownership charts show that institutions now control between 40% and 90% of the shares of the top companies, transforming cryptocurrency mining from a decentralized sector into an industry heavily influenced by Wall Street.

Here is a list of the 15 largest Bitcoin mining companies today and the financial institutions behind them:

Galaxy Digital Holdings Ltd. (GLXY)

Fidelity Management & Research Co. LLC holds 14.88% of the shares.

Retail investors still hold a significant portion of the equity.

MARA Holdings, Inc. (MARA)

Blackrock (13%) and Vanguard (11%) are the major institutional investors.

Institutional investors control around 44–49% of the shares.

Riot Platforms, Inc. (RIOT)

Vanguard (9.8%) and Blackrock (7.0%) are the major shareholders.

Institutional ownership is around 40%.

Core Scientific, Inc. (CORZ)

90% of the shares are held by large financial institutions such as Vanguard (19.4 million shares) and Beryl Capital Management (18.2 million shares).

Bitdeer Technologies Group (BTDR)

Yong Rong (HK) Asset Management holds the largest stake worth $65 million.

Institutions hold between 22.25% and 40.93% of the total shares.

Northern Data AG (NB2)

Tether Holdings Ltd. owns 39.29% of the shares, worth €1.176 billion.

Retail investors hold 59.1% of the ownership.

Cleanspark, Inc. (CLSK)

Vanguard (6.55%), Blackrock (6.15%) and Dimensional Fund Advisors hold the largest stake.

Institutional investors control approximately 43–46% of the company.

Iris Energy Limited (IREN)

Castle Hook Partners owns 3.7% of the shares.

Financial institutions control 41–44% of the shares.

Cipher Mining Inc. (CIFR)

Retail investors hold 40% of the shares.

Vanguard ($29 million) and State Street ($27 million) control 27–32% of the shares.

Applied Digital Corporation (APLD)

CEO Wesley Cummins owns 10.39% of the shares.

Blackrock (6.37%) and Vanguard (5.72%) contribute to the institutional ownership of 65–75%.

Hut 8 Corp. (HUT)

Blackrock (10%) and Vanguard (7%) are the major institutional shareholders.

Retail investors hold approximately 57% of the ownership.

Terawulf Inc. (WULF)

62.3% of the shares are held by institutions, with Blackrock (8.2%) and Vanguard (6.5%) as major shareholders.

Retail investors hold 37.7%.

Bitfufu Inc. (FUFU)

Insiders control 82.9% of the shares.

Financial institutions such as Morgan Stanley own only 1.37–1.49% of the shares.

Bitfarms Ltd. (BITF)

Vanguard (12.5%), Blackrock (11.2%), and Fidelity (9.8%) are major shareholders.

Institutional investors hold 25–30% of the shares.

Cang Inc. (CANG)

Retail investors control 51% of the shares.

Insiders own 28–36%, while financial institutions like Morgan Stanley own only 13–14%.

The Future of Bitcoin Mining

The rise of institutional investment in the Bitcoin mining industry is reshaping how the sector operates. With up to 90% control in some companies, financial giants not only invest but can influence the industry’s business strategy and development direction.

However, Wall Street’s control raises a big question: can Bitcoin mining still retain its original decentralized spirit? As financial firms increasingly dominate the sector, blockchain advocates worry about the possibility that the core principles of cryptocurrencies may be affected.

However, the involvement of large organizations also brings benefits such as increased stability, investment, and scale of operations. This makes Bitcoin mining a more mature industry, which is likely to attract more investors in the future.

The cryptocurrency mining industry is still evolving and will continue to be the focus of competition between institutional investors and the traditional cryptocurrency community. Will Bitcoin maintain its decentralization or become an integral part of the traditional financial system? The answer will depend on what the financial giants in the industry do next.