BlackRock, the renowned investment management firm, has recently clarified that it holds no affiliation with Hedera, a distributed ledger technology platform. This clarification comes in the wake of a significant 32% decline in the value of Hedera's native token, HBAR. The drop follows a misconception that BlackRock had selected Hedera's platform to tokenize its funds.

The confusion originated from an announcement made by the HBAR Foundation, suggesting that blockchain companies Archax and Ownera had tokenized BlackRock's ICS U.S. Treasury Fund on Hedera. However, BlackRock has categorically denied any involvement with Hedera for tokenization purposes, refuting the claims made by the HBAR Foundation.

According to Graham Rodford, CEO of Archax, it was Archax's decision to tokenize BlackRock's fund shares on Hedera, with BlackRock being informed but not directly engaged in the process. Rodford emphasized that the misunderstanding has diverted attention from the genuine objective of the tokenization initiative, led by Archax.

Despite this setback for HBAR, it's noteworthy that its value still remains significantly below its peak reached in September 2021. Moreover, BlackRock has indicated that it will communicate its digital asset strategy directly to the public in the future. With ongoing developments and clarifications, the long-term impact on HBAR's value remains uncertain.