BlackRock Launched Blockchain ETF with Major Holdings on Coinbase and Marathon Digital

Multinational investment management corporation Blackrock launched iShares Blockchain and Tech ETF (IBLC), a basket of equities that include Coinbase, bitcoin miners Marathon Digital, and many more. As of April 26th, the fund’s net assets sat at $4,755,562, with 34 holdings in total. 

  • BlackRock, which has $10 trillion in assets under its management, stepped into the realm of blockchain ETF just days after its main competitor Fidelity listed two new Bitcoin ETPs on the SIX Swiss exchange. Crypto-focused funds launched by financial moguls are widely seen as a sign of increasing digital asset adoption.
  • BlackRock labeled the iShares Blockchain and Tech ETF (IBLC) as part of the “megatrends product suite.” In the wake of the ETF launch, the financial giant published a paper outlining three major areas – new consumer, industrial renaissance and medical breakthroughs – as the megatrends that will drive immense innovation and growth.
  • Rachel Aguirre, BlackRock’s head of US iShares product, reportedly stated that the ETF is a “gradual entry point into the blockchain ecosystem,” as the company vowed in the paper that a decentralized digital ecosystem would cultivate a new generation of consumers.
  • The BlackRock product, which costs 47 basis points, allocated around 11% of its portfolio respectively, to Coinbase and Marathon Digital. Riot Blockchain, another major bitcoin miner in America, accounted for 10% of the portfolio. Galaxy Digital and Hive Blockchain Technologies are the other two major holdings. The fund currently has roughly 9% of its total assets in cash.
  • CryptoPotato reported back in August 2021 that BlackRock had invested more than $383 million in Marathon Digital and Riot Blockchain through its mutual funds and exchange-traded funds.
  • Two weeks ago, BlackRock’s CEO Larry Fink revealed that his company was looking into digital currencies, stablecoins, and their underlying technology.

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