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BlackRock releases blockchain-based ETF

BlackRock releases blockchain-based ETF

American investment management firm BlackRock (BLK) has announced the creation of a blockchain-focused exchange-traded fund (ETF) that allows investors to gain coverage of the crypto and blockchain industries without having to purchase digital assets directly.

The Blockchain and Tech ETF (IBLC) was added to the iShares product line on Wednesday by the world’s largest asset manager, which presently manages around $10 trillion in assets.

The $4.7 million ETF does not own cryptocurrencies or digital assets directly but rather follows a number of foreign companies participating in the sector.

The ETF now has a solid 9.15 percent USD cash position, indicating that it is ready to make future buys.

In conjunction with the launch of the new ETF, BlackRock released a paper outlining three major market segments that are now undergoing significant changes.

While most of the attention devoted toward digital assets centers on pricing and volatility, the report highlights just how positive BlackRock is in the industry.

Following a recent Nasdaq survey, discussions of a spot Bitcoin ETF have resurfaced. Institutional investors are becoming interested in crypto ETFs as a method to obtain exposure to the cryptocurrency market.

Robinhood (HOOD), a popular retail trading platform, has laid off 9% of its workers amid a stock firesale that has sent the stock to all-time lows.

The drop is part of a longer-term declining trend in which the price of HOOD has been declining steadily since its all-time high. HOOD has dropped by about 38% in the last 30 days, hitting rock bottom price since the release of IPO.

This year, Robinhood does not appear to be losing interest in the space, and it has recently made a number of measures aimed at increasing its crypto products. The company’s total revenue increased by almost 90 percent to $1.82 billion, with revenue from crypto services accounting for a large portion of the increase.

On Wednesday, Meta Platforms Inc., formerly known as Facebook Inc. (FB), released its first-quarter 2022 earnings, with its Metaverse-focused Reality Labs business reporting higher losses.

The Reality Labs division has been investing growing amounts of money in building VR technology and metaverse-related products, and this quarter’s deficit was nearly $3 billion. 

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