BlackRock ramps up blockchain push with new exchange traded fund
The world’s biggest asset manager BlackRock accelerated its push into digital assets today as it launched a blockchain themed exchange traded fund (ETF) for its European clients.
BlackRock, which manages around $8.5tn worth of assets for clients, said this morning the iShares Blockchain Technology UCITS ETF would allow its clients to invest in firms involved in the “development, innovation, and utilisation of blockchain and crypto technologies”.
It comes as the latest push into the digital assets space for BlackRock after a series of high profile moves in recent months, including a partnership with crypto exchange Coinbase to allow its US institutional clients to more closely track their bitcoin holdings.
Product strategist for thematic and sector ETFs at BlackRock, Omar Moufti, said that digital assets and blockchain technologies are becoming “increasingly relevant for our clients”.
“The continued proliferation of blockchain technology underscores its potential across many industries,” he said.
“The exposure offered by the iShares Blockchain Technology UCITS ETF will allow our clients the opportunity to engage with global companies leading the development of the emerging blockchain ecosystem.’
The fund comprises 35 global firms from developed and emerging markets with 75 per cent exposure to companies whose primary business is related to blockchain, including crypto miners and exchanges.
The remaining 25 per cent will be exposure to firms who “support the blockchain ecosystem”, such as payments and semiconductor companies.