Blackrock, the world’s largest asset manager, has announced the launch of its new iShares Blockchain and Tech ETF. The fund clients with greater exposure to crypto and blockchain-related companies.
Blackrock (NYSE:BLK) Launches its Blockchain Fund
On Wednesday, Blackrock announced its new iShares Blockchain and Tech ETF (IBLC). The fund allows investors to gain exposure to the blockchain sector without direct investments in cryptocurrencies.
The fund tracks U.S.-based and international firms involved in the “development, innovation, and utilization of blockchain and crypto technologies.” These include crypto exchanges, crypto miners, and firms using the underlying technologies.
According to Blackrock, the blockchain ETF is a “gradual entry point into the blockchain ecosystem.” The fund currently has over $4.7 million in net assets across 41 different holdings.
Coinbase (NASDAQ:COIN) makes up the largest single holding with 11.45%, while Marathon Digital Holdings makes up 11.19%, and Riot Blockchain (NASDAQ:RIOT) Inc. accounts for 10.41% of the total holdings.
Blackrock Talks Big on Crypto
At a Wednesday panel event, Rachel Aguirre, BlackRock’s head of US iShares product, said that “the entire ecosystem around the blockchain has seen rapid growth these past two years.”
Aguirre explains that now is the time for investors to capture their stake in the industry, because “what we see is going to be exponential growth from here.”
On The Flipside
- BlackRock’s blockchain ETF launch comes just days after Fidelity brought to market a similar fund.
Why You Should Care
Blackrock adds that millennials discover the intrinsic value of blockchain, creating greater financial inclusion in ways previously impossible.