BlackRock preps ETF targeting metaverse companies: Bloomberg

Quick Take

  •  BlackRock Inc. is planning to create an ETF to give its clients a chance to add companies with metaverse exposure to their portfolios.

  • The colossal asset manager continues to advance its crypto offerings, having also launched a crypto and blockchain ETF targeted towards European customers.

BlackRock, the world's largest asset manager, is planning a new ETF aimed at capitalizing on metaverse-facing companies, Bloomberg reported.

The new fund, the iShares Future Metaverse Tech and Communications ETF, is the latest foray into the blockchain ecosystem for the New York-based investment giant. The company just launched the iShares Blockchain Technology UCITS ETF that tracks the New York Stock Exchange FactSet Global Blockchain Technologies capped index, targeted towards European customers.

In August, BlackRock announced it was partnering with Coinbase to provide clients with crypto trading, custody, prime brokerage and reporting capabilities.

BlackRock now joins other traditional finance companies in launching funds composed of companies with exposure to the metaverse, including Franklin Templeton, Invesco, and Fidelity.

BlackRock did not immediately respond to The Block's request for comment.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.