BlackRock, the largest asset management company in the world, recently launched a new exchange traded fund (ETF) to give its customers in Europe an opportunity to invest in blockchain technology companies as well as ancillary companies to this industry. This new ETF, which was unveiled on Sept. 27, 2022, dubbed iShares Blockchain Technology UCITS ETF, is putting 75% of its holdings into blockchain firms (crypto exchanges and crypto mining firms, for example) while the remaining 25% will be held in blockchain ancillary enterprises, such as those specializing in providing legal services to blockchain industry players.
At the moment, the ETF has invested in approximately 50 global companies; 35 are blockchain companies while the remaining 15 are entities serving the blockchain ecosystem. The holdings include blockchain derivatives as well as fiat cash, but no direct investment has been made in cryptocurrencies.
This recently launched ETF isn’t the first foray that BlackRock is making into the blockchain space. Back in August, the company launched a spot Bitcoin trust. This is a private entity. Omar Moufti, BlackRock’s product strategist in charge of sector and thematic ETFs, wrote in a company report that the iShares ETF will give BlackRock clients a unique opportunity to get involved with global companies that are on the cutting edge of the developments within the blockchain space.
A look at the largest holdings of the blockchain ETF reveals that BlackRock has 13.2% of its profile holdings in Coinbase, 13% in cash, 11.4% in fintech company Block, 11.3% in the crypto mining company Marathon Digital, and a further 10.5% in another crypto mining company, Riot Blockchain Inc. (NASDAQ: RIOT). Other companies in which this ETF has holdings include 23 companies in the IT industry, half a dozen financial companies, one in the communications industry and another in the industrials sector.
There are media reports that BlackRock is also putting together another ETF whose focus will be on the metaverse. These reports say that this new fund hasn’t had its ticker or fees listed or publicly available. However, this ETF will have holdings in companies that are involved in social media, virtual platforms, digital assets, gaming and augmented reality, among others. This interest in the metaverse can also be traced back to a BlackRock report, which described this segment as a new revolution that was being made.
BlackRock also entered into a partnership with Coinbase, a move that allowed institutional investors in the crypto space to trade in various cryptocurrencies by using the Coinbase platform.
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