Blackrock has ‘no business relationship’ with Hedera, HBAR sinks 32%

BlackRock confirmed that it has “no business relationship” with Hedera and that Hedera has not selected HashGraph to simulate any BlackRock fund, including shares of its $22 billion money market fund.

The Hedera token (HBAR) rallied more than 100% on Tuesday after the HBAR Foundation announced on X that blockchain firms Archax and Ownera were simulating BlackRock's ICS US Treasury Fund on Hedera.

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

“BlackRock has no business relationship with Hedera, nor has BlackRock selected Hedera to advertise any BlackRock funds.”

At the time of writing, HBAR has fallen 32.8% to $0.118 in the past 24 hours since peaking at $0.176 at 5:00am UTC, according to CoinGecko.

“As we have done in the past, BlackRock will engage directly with the public on the development of our digital asset strategy,” the spokesperson added.

The HBAR Foundation's ad has garnered more than 2.9 million views and 3,200 retweets since it was posted 36 hours ago — despite some cryptocurrency influencers misinterpreting the message.

“BLACKROCK just owns one of their money market funds,” Mason Versluss told his 189,000X followers.

Archx CEO Graham Rodford said it was the company's choice to place BlackRock's money market fund shares on Hedera, but said BlackRock was “aware” that Archx was listing the fund's shares.

“If we decide to tokenize, we don't need to talk to the investment manager, but we always do as we want long-term relationships,” Rodford added.

Cointelegraph reached out to the HBAR Foundation on April 24 but did not receive a response.

Related: Hedera Network Approves $408M HBAR for Ecosystem Growth

Despite the short-term price pump, HBAR is still down more than 78% from its all-time high of $0.57 in September 2021, according to CoinGecko.

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