Investment management giant BlackRock is launching a new crypto-focused exchange-traded fund (ETF) that aims to provide cutting-edge… Blockchain-Track company. According to a recent company announcement, the $10 trillion asset manager is launching the iShares Blockchain and Tech ETF (IBLC), a global fund that would allow investors to gain exposure to emerging technologies surrounding digital assets.
“The iShares Blockchain and Tech ETF seeks to track the investment results of a index made up of US and non-US companies involved in the development, innovation and use of blockchain and crypto technologies.”
However, rather than directly tracking the prices of crypto assets themselves, the fund would keep an eye on companies that are at the forefront of this space, such as miners and exchange protocols.
“[Traders can] Access the rapidly expanding field of blockchain technology as blockchain use cases continue to evolve in scale, scope, and complexity.
[IBLC] seeks to replicate a rules-based index that adapts as companies change in the blockchain universe and the underlying technology evolves.”
IBLC was incorporated on April 25 and currently has approximately $4.72 million in assets. According to BlackRock, 11.5% of the fund is dedicated to leading US crypto exchange platform Coinbase.
Other notable crypto firms involved in the fund include crypto miners Marathon Digital Holdings and Riot Blockchain with 11% and 10.4% respectively, and financial services firm Galaxy Digital Holdings with a 6.7% ETF allocation.
BlackRock first announced its plans for a blockchain-focused ETF earlier this year when it registered with the U.S. Securities and Exchange Commission (SEC).
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