IBLC iShares Blockchain and Tech ETF - A Tactical Play To Tap into Bitcoin's Resurgence
๐๐๐The markets are abuzz with news that that Spot Bitcoin ETF would be approved by the SEC soon. Bitcoin surged strongly to hit almost USD 35,000, making this its highest point in almost 18 months and more than double the price seen at the start of 2023.
The price of Bitcoin surged to new highs following October 23 surprise appearance of Blackrock's spot Bitcoin ETF IBTC on the Depository Trust and Clearing Corporation (DTCC) website after disappearing for a few hours yesterday.
All this excitement has resulted in a ripple effect for Bitcoin Miners which are seeing a jump in their share prices.
$iShares Blockchain and Tech ETF(IBLC)$ tracks an index of global companies that are involved in the development, innovation and utilisation of Blockchain and crypto technology. This ETF also includes companies that manufacture graphics processing unit (GPU) chips necessary for mining.
The Top 10 holdings includes Coinbase, Riot Platforms, Marathon Digital, Cleanspark Inc, Hut 8 Mining, Applied Digital Corporation, IBM, AMD, Nvidia and PayPal.
The Top 10 weightage is 70%. Total number of holdings is 36. Dividends are paid half yearly. The Dividend yield is 1.80%. IBLC goes ex dividend on December 20, 2023.
Performance wise IBLC is up almost 8% in the past 5 days and 68% year todate.
IBLC has a consensus rating of Buy with Target price of USD 29.01, an upside potential of 75%.
Bitcoin reached an all time high of over USD 65,000 in November 2021. With Spot Bitcoin approval on the way, there is a lot of upside potential for both Bitcoin and Bitcoin related companies. Bitcoin Miners play a key role in securing Bitcoin network and validating transactions on the Blockchain. Thus with a Bitcoin halving event coming up next year and the Spot Bitcoin ETF coming up, IBLC ETF has lots of upside potential ahead.
IBLC ETF provides a low cost way to tap into the huge exponential growth of Bitcoin ahead. It is also diversified and minimises the risk on investing in single stocks.
As Bitcoin gains wider acceptance in the future, I believe that IBLC ETF will take off too. At the current price of USD 16.72 per share, I believe it is undervalued for what it offers.
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