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New BlackRock ETF invests in 35 blockchain-related companies

BlackRock, the world’s largest asset manager, has launched a new exchange-traded fund (ETF) to give European clients exposure to the blockchain industry, while a metaverse-focused ETF is on the way. Reports indicate that there may be.

The newly launched blockchain ETF on September 27th is called iShares Blockchain Technology UCITS ETF (BLKC).

BlackRock says 75% of its holdings are made up of blockchain companies such as miners and exchanges, with the remaining 25% being companies that support the blockchain ecosystem.

The fund includes 35 global companies out of a total of 50 holdings and includes fiat currencies and derivatives, but does not invest directly in cryptocurrencies.

BLKC is the latest in a series of moves for BlackRock into the digital asset space, the latest being the August 11th launch of a private spot Bitcoin trust.

In a Sept. 29 report from Finextra, Product Strategist for BlackRock’s Thematic and Sector ETFs, Omar Mufti said the ETF will “encourage our clients to develop emerging blockchain ecosystems. It gives us the opportunity to engage with a leading global company,” he said, adding:

“We believe that digital assets and blockchain technology will become increasingly important to our clients as the scope, scale and complexity of use cases evolve.”

The fund’s top five holdings are Coinbase (13.20%), USD Cash (13.00%), fintech company Block (11.40%), cryptocurrency mining company Marathon Digital Holdings (11.13%), and Riot Blockchain (10.50%). ) is.

In addition, 23 IT companies, 6 financial companies, 1 industrial company, and 1 telecommunications company, for a total of 50 companies (as of September 28).

However, a September 29th Bloomberg report suggests that BlackRock may be working on another ETF. This is a metaverse focused one called iShares Future Metaverse Tech and Communications ETF.

Related: Wealth Managers and VCs are Driving Crypto Adoption by Institutional Investors — Wave Financial Executives

Fees and tickers for the fund have not yet been listed, but could include “companies with products and services related to virtual platforms, social media, gaming, digital assets, augmented reality, etc.”, the report said. I have.

The Metaverse ETF is based on insights announced on February 14 by Reed Menge, co-portfolio manager of the BlackRock Technology Opportunities Fund.

There is a mention of “metaverse” in company minutes. Source: His BlackRock Market Minute citing Morgan Stanley in 2021.

On August 4th, Coinbase announced a partnership with BlackRock, and with its high weighting on BLKC, the partnership seems to be paying off.

The partnership will give institutional investors access to cryptocurrencies through the Coinbase Prime service.