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While a Bitcoin ETF remains the most sought-after development amongst the crypto community, investment management firm Invesco has announced the launch of the "world’s biggest blockchain-focused ETF.”
As the Financial Times reports, the Invesco Elwood Global Blockchain ETF will begin trading on the London Stock Exchange today (Monday, March 11) and will invest in companies with exposure to the nascent technology. The investments will range from Taiwan Semiconductor Manufacturing to well-known companies like Apple, Intel and AMD. Initially, the ETF will invest in 48 different companies.
Chris Mellor, head of ETF equity product management in Europe at Invesco, reportedly said: “the potential for blockchain to boost earnings was often not reflected in the share prices of companies such as Rio Tinto, the mining company that owns hydroelectric assets that could be harnessed for cryptocurrency mining.”
Chief executive of Elwood Asset Management, Bin Ren stated that blockchain’s application potential extends beyond that of its use with cryptocurrencies.
“We are beginning to see the technology being used by financial services companies in particular, but we expect greater application of blockchain technology across a wide range of industries,” Ren said.
There have been several other blockchain-focused ETFs launched in the US and Europe, but most attracted a small amount of investor capital. However, with Invesco having over $800 billion in assets it might gain more traction.
Read more: US SEC’s ‘Crypto Mom’ not enthusiastic about national blockchain policy