BlackRock, the world’s largest asset management organization, has launched a blockchain industry ETF to give their clients more opportunities to profit from the booming blockchain and cryptocurrency industry.
BlackRock has officially launched an ETF focused on the blockchain industry, allowing customers to invest in the blockchain and cryptocurrency industries without having to hold cryptocurrencies and e-wallets.
BlackRock, which currently manages as much as $10 trillion in assets, is the world’s largest fund management organization. The new product, officially known as the Blockchain and Tech ETF (iBLC), will join their iShares product line, totaling approximately $4.7 million.
This ETF does not directly hold cryptocurrencies, but tracks investments in companies related to blockchain and cryptocurrencies around the world. There are currently 41 assets, the largest of which is the stock of Coinbase, an American cryptocurrency exchange , accounting for about 11.45% of the total.
It was followed by Bitcoin mining company Marathon Digital Holdings and Riot Blockchain, with 11.19% and 10.41% respectively.
At the same time as the issuance of the ETF, BlackRock also released a report on future investment targets, naming cryptocurrencies as one of the three major opportunities. “We believe that broader opportunities are emerging, and blockchain technology will be used in payments, contracts, and consumption. These potentials have yet to be realized.” BlackRock reports that as many as 87 countries are considering issuing digital fiat currencies, It will bring great growth space to the blockchain industry.
For institutional investors, more and more cryptocurrency ETFs allow them to explore the industry with a broader perspective, rather than simply buying and selling coins. The current unit price for BlackRock iBLC is $23.6.