Blackrock, the multinational asset management firm, has jumped on the exchange-traded fund (ETF) bandwagon.
The company has listed its iShares ETF for investors to step into the crypto and blockchain market without primarily investing.
Blackrock filed its application to the Securities and Exchange Commission (SEC) for its iShares Blockchain and Tech ETF (IBLC) in January.
The company “seeks to track the investment results of an index composed of US and non-US companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies”.
An EFT is the latest investment option, allowing investors access to global stock markets without needing to identify which market is delivering the most or differentiate what stock to buy. It also enables the option to buy shares representing an asset, this could be in real estate, global currencies or Bitcoin (BTC) itself.
As per Blackrock’s iShares web page, it explains the aids of its blockchain tech, saying: “[Blockchain tech] is allowing independence and control of personal data while enabling financial inclusion for billions of unbanked consumers.”
Last year the New York-based company’s CEO Larry Fink admitted Blackrock has had its eye on BTC for a while. The company manages just under $10tn worth of assets.
The firm also announced its position as the primary asset manager of the fiat currency backing USDC cash reserves.
Many companies have had their eye on obtaining an ETF, especially digital currency asset manager Grayscale Investments, who is said to sue the SEC if they didn’t gain the authority to obtain the legal regulatory rights.
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