World’s Largest Asset Manager ‘BlackRock’ Files for Blockchain Tech ETF

The world’s largest asset manager, BlackRock, has filed for a blockchain-focused ETF (exchange-traded fund).

BlackRock is a US-based hedge fund with roughly US$10 trillion in assets under management (AUM). The firm filed for an ETF focused on blockchain technology, called the Ishares Blockchain and Tech ETF.

As per the filing, the ETF will track the NYSE (New York Stock Exchange) FactSet Global Blockchain Technologies Index, which is composed of companies working on the development of blockchain technology in the US and overseas.

Ishares Blockchain and Tech ETF seeks to track the investment results of an index composed of US and non-US companies that are involved in the development, innovation and utilisation of blockchain and crypto technologies.

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BlackRock filing

The filing doesn’t disclose the ticker nor the components of the index, but it reads that “the underlying index is composed of (i) blockchain technology companies, (ii) cryptocurrency mining, (iii) cryptocurrency trading and exchanges, (iv) crypto-mining systems, and (v) video multimedia semiconductors”.

Will the SEC Approve BlackRock’s ETF?

It will be interesting to see how the process plays out since the SEC (Securities and Exchange Commission) has been rejecting ETF proposals in the past seven days or so. Last week, for example, the SEC rejected Anthony Scaramucci’s SkyBridge spot ETF.

BlackRock has previously proven its intentions to explore cryptocurrencies and blockchain technology. A year ago, the asset manager disclosed its intent to allow its funds to engage in futures contracts based on Bitcoin.

Besides crypto ETFs, the NFT (non-fungible token) movement has seen the first NFT-focused ETF, thanks to fintech firm Defiance.