The world's largest asset manager BlackRock, Inc. BLK launched an exchange-traded fund (ETF) that gives exposure to the blockchain and cryptocurrency markets.
What Happened: An application for the iShares Blockchain and Tech ETF IBLC filed with the SEC in February shows that it "seeks to track the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies."
The official website dedicated to BlackRock's ETF manager iShares claims that "blockchain tech is allowing independence and control of personal data while enabling financial inclusion for billions of unbanked consumers."
See Also: How To Get Free Crypto
The fund — which launched on Tuesday — does not provide direct exposure to cryptocurrencies and instead focuses on companies involved in the industry such as crypto exchange Coinbase Global Inc. COIN.
Other than an 11.45% exposure to Coinbase, the ETF tracks Bitcoin BTC/USD mining firms Marathon Digital Holdings Inc MARA at 11.19% and Riot Blockchain Inc RIOT at 10.41%, as well as crypto-friendly payments giant PayPal Holdings Inc. PYPL.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.