Asset management titan BlackRock plans to launch an exchange traded fund (ETF) that focuses on companies at the forefront of blockchain technology.
According to a U.S. Securities and Exchange Commission (SEC) filing, the $9.5 trillion asset management firm is looking to create the iShares Blockchain and Tech ETF, which aims to track the NYSE FactSet Global Blockchain Technologies Index.
The index tracks the performance of stocks issued by firms involved in the “development, innovation and utilization of blockchain and crypto technologies.” The fund plans to invest in companies focused on crypto mining, crypto trading and exchanges, and crypto mining systems.
The names of the firms included in the index have not been revealed.
The filing also reveals that the new fund plans to invest 80% of its assets into stocks that are included in the index, and 20% of its assets into futures, options, swap contracts and cash. According to the document, the fund will not invest directly in crypto assets or indirectly through crypto derivatives.
Last year, BlackRock chief executive Larry Fink changed his tune on digital assets as he said that they have the potential to become a “great asset class.”
“I’m still fascinated about it. I’m encouraged by how many people are focusing on it. I’m encouraged about the narrative that it may become a great asset class. And I do believe this could become a great asset class.”
In 2017, Fink referred to Bitcoin as “an index for money laundering.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
