BlackRock Confirms No Commercial Ties with Hedera After Misinterpreted Post

BlackRock, the world's largest asset manager, clarified misunderstandings about its involvement in the tokenization of a fund.

The confusion began after the HBAR Foundation posted on X that Archax and Ownera had tokenized BlackRock's ICS US Treasury Fund on Hedera.

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Many misinterpreted the announcement, suggesting that BlackRock was actively involved in the process.

However, the company addressed these claims through a spokesperson, saying it had "no commercial relationship" with Hedera and had not selected Hedera to tokenize any of its funds. 

As we have in the past, BlackRock will communicate directly with the public on the evolution of our digital asset strategy.

Archax CEO Graham Rodford clarified further confusion in a statement on X, stating that the decision to tokenize the BlackRock fund shares was purely Archax's, influenced by their clients' demands.

He explained that BlackRock was made aware of these plans and was consulted for their opinion on a press release about the tokenization, but it was not directly involved in the tokenization effort.

The misunderstanding about BlackRock's partnership with Hedera has been cleared up, but not without impacting HBAR's market value. At 5:00 AM UTC, it peaked at $0.1777, yet has decreased by 34.73% to $0.116 by the time of writing.

In related news, on April 24, BlackRock's iShares Bitcoin Trust (IBIT) recorded no new inflows for the first time since its launch.