According to a filing, BlackRock's iShares Future Metaverse Tech and Communications ETF will attempt to track firms with exposure to the Metaverse.
Is making another big bet in the cryptocurrency industry with the introduction of the Metaverse ETF.
According to a September 29 filing, BlackRock's iShares Future Metaverse Tech and Communications ETF will attempt to track firms with exposure to the Metaverse. The fees and ticker for the exchange-traded fund have yet to be disclosed by the ETF issuer.
Other companies that provide products and services related to social media, virtual platforms, digital assets, gaming, augmented reality, and other sectors may be included in the BlackRock Metaverse ETF fund.
Interestingly, the fund's debut coincides with a significant downturn in the Metaverse sector. Todd Sohn, ETF strategist at Strategas Securities, told a local media outlet:
“Interest in other metaverse and blockchain funds has decreased. I understand the long-term strategy, but there is currently a lot of competition in the market as well.”
BlackRock’s Crypto Exposure
Over the last year, BlackRock has increased its exposure to cryptocurrencies. BlackRock announced the launch of its crypto ETF in Europe earlier this week. This launch is taking place despite regulatory worries on the continent.
The iShares Blockchain Technology UCITS ETF is just an extension of the blockchain ETF introduced earlier this year by BlackRock. However, investors have reacted negatively to BlackRock's blockchain ETF. The fund has currently received $6 million in net inflows.
On the other hand, BlackRock is forming significant ties in the cryptocurrency industry. In early August, BlackRock partnered with cryptocurrency exchange Coinbase to offer institutional investors crypto exposure.
Despite BlackRock's foray into crypto, interest in the crypto ecosystem has been fading. It appears that BlackRock is currently preparing for the next phase of the crypto bull run, whenever it may come.
Read also: Crypto Market Remains Stable Despite Drop In US Market
