BlackRock has ‘no commercial relationship’ with Hedera, HBAR sinks 32%

A BlackRock spokesperson confirmed the firm wasn’t directly involved in Archax and Ownera’s decision to tokenize shares of BlackRock’s ICS Treasury Fund on Hedera.

BlackRock has confirmed it has “no commercial relationship” with Hedera and that it did not choose the Hedera Hashgraph to tokenize any BlackRock funds, including shares of its $22 billion money market fund.

Hedera’s token (HBAR) rallied over 100% on Tuesday following the HBAR Foundation’s announcement on X stating that blockchain firms Archax and Ownera tokenized BlackRock’s ICS U.S. Treasury Fund on Hedera.

Some misinterpreted the post to suggest BlackRock played an active role in the tokenization effort, but a BlackRock spokesperson has confirmed to Cointelegraph that’s not the case.

Read more