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• Summary:

• The iShares Blockchain and Tech ETF will track the NYSE FactSet Global Blockchain Technology Index.

BlackRock CEO Larry Fink said in October that he sees a "huge opportunity" in digital currencies.

The world's largest asset manager is planning an ETF focused on blockchain technology.On Jan. 21, the cryptocurrency market plummeted, with Bitcoin dropping more than 10%. On this occasion, according to BlackRock's iShares (Ishare)Application documents submitted to the US SEC

, the iShares Blockchain and Tech ETF will track the investment results of the NYSE FactSet Global Blockchain Technology Index. The index is composed of companies involved in the development and deployment of encryption technologies in the United States and abroad.

The proposed fund plans to invest at least 80% of its assets in stocks in the index, the documents show. It can allocate up to 20% of funds in futures, options, swaps, cash and cash equivalents. The Fund will not invest in cryptocurrencies directly or indirectly through cryptocurrency derivatives.

In addition, the disclosed information did not indicate the planned product transaction code or fee ratio.

A spokesman for the company declined to comment on the contents of the document.

In the absence of a spot bitcoin ETF product, investors have been calling for the launch of a cryptocurrency-related ETF. The largest such product on the market is Amplify Investments' Transformational Data Sharing ETF (BLOK), which has grown to $1.1 billion in assets since its launch in January 2018.

Todd Rosenbluth, senior director of exchange-traded funds and mutual fund research at CFRA, tweeted that “iShares’ application for a blockchain ETF was inevitable given their focus on megatrends and the company’s expanding offering.”

BlackRock trades nearly 400 iShares ETFs in the US, with total assets under management of approximately $2.4 trillion. The company's assets under management (AUM) are approximately $10 trillion.the asset management companyRevealed in January 2021

, its Strategic Income Opportunities Fund (BASIX) and Global Allocation Fund (MDLOX) can invest in cash-settled bitcoin futures registered with the Commodity Futures Trading Commission (CFTC) and traded on commodity exchanges.BlackRock CEO Larry Finktold CNBC last October

, while he sees a “huge opportunity” in digital currencies, he’s not sure about the long-term development of the crypto space.During an earnings call last July