Goodjobguys commented on a stock · Jan 31 15:02

BlackRock Boosted Exposure to RGTI

$Rigetti Computing (RGTI.US)$ $Blackrock (BLK.US)$

BlackRock (NYSE:BLK), the world's largest asset management organization, is noted for having a diverse investment portfolio, leveraging trillions of dollars at its disposal to bag shares in companies worldwide. The company has made several successful bets over the years.

In one of the prime examples, BlackRock increased its exposure to quantum computing stock Rigetti Computing Inc. (NASDAQ:RGTI) in the third quarter of 2024. Since then, the stock has skyrocketed 1477%.

What happened: According to the 13F filing with the SEC, BlackRock purchased 538,966 shares of RGTI in the third quarter, taking its total holdings to 9,447,600 shares, worth $7.39 million in value then, for the period ending Sept. 30.

This made BlackRock the fifth-biggest shareholder in Rigetti, a firm known for making quantum computers and the superconducting quantum processors that power these computers.

Since then, the company has hit an exponential curve. The stock price has surged 13x, adding billions in market valuation in a few months. RGTI closed at an all-time high of $20 earlier this month.

Assuming BlackRock didn't sell any of the company's shares since reporting its third-quarter investments, its RGTI stash would be worth $116.20 million today.

See Also: Elon Musk's Tesla Records $600 Million In Paper Gains On Bitcoin In Q4 Thanks To New Accounting Rule

Why It Matters: Rigetti, along with the broader quantum computing space, witnessed tailwinds after tech giant Google teased its next-generation chip, "Willow," sparking interest in equities tied to the technology.

Defiance Quantum ETF (NASDAQ:QTUM), an ETF offering exposure to some of the biggest quantum computing stocks, has gained 32% in the last four months.

Notably, BlackRock has also been known for bullish convictions about Bitcoin (CRYPTO: BTC), the world's largest cryptocurrency. The firm suggested a "reasonable range" for Bitcoin allocation in multi-asset portfolios to be between 1% and 2%.

BlackRock launched its own Bitcoin spot exchange-traded fund last year, called iShares Bitcoin Trust ETF (NASDAQ:IBIT), which ended up becoming the most successful ETF debut in history.

Price Action: Shares of RGTI were up 0.81% in after-hours trading. The stock closed 2.84% lower at $12.30 during Thursday's regular trading session, according to data from Benzinga Pro.

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