Investment management giant BlackRock is launching a new crypto-focused exchange-traded fund (ETF) that aims to track cutting-edge blockchain companies.
According to the company’s recent announcement, the $10 trillion asset management firm is launching the iShares Blockchain and Tech ETF (IBLC), a global fund that will provide investors with exposure to emerging technologies focused on digital assets.
“iShares Blockchain and Tech ETF seeks to track the investment results of an index consisting of US and non-US companies involved in the development, innovation and use of blockchain and crypto technologies.”
However, instead of directly tracking the prices of crypto assets themselves, the fund will keep tabs on leading companies such as mining companies and exchange protocols.
“[Traders can] Access the rapidly growing blockchain technology space where blockchain use cases grow in scope, scale, and complexity.
[IBLC] It seeks to track a rule-based index that adapts as companies change in the blockchain world and the evolution of the underlying technology.
IBLC was launched on April 25 and currently has approximately $4.72 million in assets. According to data from BlackRock, 11.5% of the fund goes to Coinbase, the leading cryptocurrency exchange in the United States.
Other notable crypto firms participating in the fund include crypto miners Marathon Digital Holdings and Riot Blockchain, with 11% and 10.4%, respectively, and financial services company Galaxy Digital Holdings, which has an ETF allotment. by 6.7%.
BlackRock first announced its plans for a blockchain-focused ETF earlier this year when it was registered with the US Securities and Exchange Commission (SEC).
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Featured Image: Shutterstock/studiostoks/Natalia Siiatovskaia