US Asset Manager BlackRock launches its first crypto ETF

What 

BlackRock is the latest asset manager to give its clients exposure to crypto and blockchain via an exchange-traded fund (ETF)

Why

“Blockchain tech is allowing independence and control of personal data while enabling financial inclusion for billions of unbanked consumers,” the firm explained

What next

The ETF will not directly track cryptocurrencies but rather U.S. and international companies involved in the space, such as exchanges

The Story

BlackRock, the world’s biggest asset manager, has launched a blockchain and tech ETF to provide its investors with exposure to cryptocurrencies and blockchain technology without investing directly.

This ETF will not directly track cryptocurrencies but rather U.S. and international companies involved in the space, such as exchanges. Other firms the ETF will track include payments giant PayPal, which first launched crypto services in 2020.

The move marks the latest investment by high-profile financial services companies following Fidelity’s decision to allow its savers to add BItcoin to their 401(k) accounts in addition to the launch of two ETFs to track the crypto industry and the metaverse.

“Blockchain tech is allowing independence and control of personal data while enabling financial inclusion for billions of unbanked consumers,” the firm explained on its iShares webpage. 

To read more about ETFs, visit our learning resource here.

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