Blackrock ups blockchain presence with new European ETF
BlackRock, the world’s largest asset manager, has made a further push into blockchain, launching a fund to provide European clients with exposure to digital assets.
The iShares Blockchain Technology UCITS ETF will track the New York Stock Exchange Factset Global Blockchain Technologies Index, which contains firms focused on blockchain and crypto. Blackrock already has a U.S. version of the fund, which launched earlier this year.
“We believe digital assets and blockchain technologies are going to become increasingly relevant for our clients as use cases develop in scope, scale and complexity,” said Omar Moufti, product strategist for thematic and sector ETFs at BlackRock.
“The continued proliferation of blockchain technology underscores its potential across many industries,” he said.
The fund is made up of 35 global firms from established and developing economies. It has 75 percent exposure to companies whose principal business is tied to blockchain, and 25 percent to companies that support the blockchain ecosystem, such as payment and semiconductor companies. The fund doesn’t directly invest in crypto.
Blackrock says trading volumes for digital assets have improved five times year-over-year from $10 billion daily in 2017 to $53 billion in August this year.
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