Investment management behemoth BlackRock is launching a new crypto-focused exchange-traded fund (ETF) that aims to track cutting-edge blockchain firms.

According to a recent company announcement, the $10 trillion asset management company is launching the iShares Blockchain and Tech ETF (IBLC), a global fund that would allow investors to gain exposure to emerging technology centered around digital assets.

“The 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 utilization of blockchain and crypto technologies.”

However, rather than directly track the prices of crypto assets themselves, the fund would keep tabs on companies in the forefront of the field such as mining firms and exchange protocols.

“[Traders can] access the rapidly growing blockchain technology space as blockchain use cases develop in scope, scale and complexity.

[IBLC] seeks to track a rules-based index that adapts as companies in the blockchain universe change and the underlying technology evolves.”

IBLC was launched on April 25th and currently holds about $4.72 million worth of assets. According to BlackRock’s data, 11.5% of the fund is designated to the top US-based crypto exchange platform Coinbase.

Other notable crypto firms involved in the fund include crypto mining companies Marathon Digital Holdings and Riot Blockchain, coming in at 11% and 10.4% respectively, and financial services firm Galaxy Digital Holdings, which has an ETF allocation of 6.7%.

BlackRock first announced its plans for a blockchain-focused ETF earlier this year when it registered with the U.S. Securities and Exchange Commission (SEC).

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The post World’s Largest Asset Manager BlackRock Launches New Crypto-Focused Exchange-Traded Fund (ETF) appeared first on The Daily Hodl.