BlackRock, the world’s largest asset manager, has launched a blockchain-based exchange-traded fund (ETF). The fund, which trades on NYSE Arca, gives investors access to “companies involved in the development, innovation and utilization of blockchain and crypto technologies.”
BlackRock launches blockchain ETF
BlackRock, the world’s largest asset manager with $10 trillion in assets, announced Wednesday the launch of its Ishares Blockchain and Technology ETF (ticker: IBLC). A new exchange-traded fund (ETF) trades on the NYSE Arca.
The asset manager explained:
The Ishares Blockchain and Tech ETF seeks to track the investment results of an index of U.S. and non-U.S. companies involved in the development, innovation and utilization of blockchain and crypto technologies.
At the time of writing, major holdings of the new blockchain ETF include Coinbase Global, Marathon Digital Holdings, Riot Blockchain, USD Cash, Galaxy Digital Holdings, International Business Machines, Hive Blockchain Technologies, Bitfarms, Paypal Holdings, Canaan, Nvidia, Advanced Micro Devices, Block Inc., Hut Mining, Argo Blockchain and Cleanspark. Blackrock noted that its blockchain ETF does not invest directly in cryptocurrencies.
Rachel Aguirre, head of Ishares product at BlackRock USA, commented: “Today’s expansion of our megatrend product lineup reflects the power of millennials and the rise of self-directed investors whose buying habits have reshaped mainstream consumer behavior. In turn, the companies they invest in.” She added:
We believe that now is the time to embrace these forward-looking investment themes until the market realizes their full potential.
The world’s largest asset manager has been considering offering clients investment opportunities in the cryptocurrency space. “BlackRock is looking at digital currencies, stablecoins and underlying technologies to understand how they can help us serve our customers,” CEO Larry Fink said in March.
Earlier this month, BlackRock and several other companies, including Fidelity, participated in a $400 million funding round for crypto firm Circle Internet Financial, the issuer of the stablecoin USDC.
“In addition to its corporate strategic investments and role as the primary asset manager of USDC’s cash reserves, Blackrock has a broader strategic partnership with Circle that includes exploring USDC’s capital markets applications,” the cryptocurrency firm noted .
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