BlackRock has unveiled its latest financial product, the iShares Bitcoin ETF, which is now available for trading on Cboe Canada. This new exchange-traded fund (ETF) aims to simplify Bitcoin investment for Canadian residents by offering a regulated, accessible, and secure alternative to directly holding the cryptocurrency.
The ETF is listed under two tickers: IBIT (in Canadian dollars) and IBIT.U (in U.S. dollars). It employs a “funds-of-funds” strategy, predominantly holding shares in the U.S.-listed iShares Bitcoin Trust ETF (U.S. IBIT), which in turn physically holds Bitcoin. This structure allows Canadian investors to indirectly invest in Bitcoin through a familiar ETF format, without the complexities of managing digital assets themselves.
Coinbase Prime, an institutional-grade digital asset custodian, provides the necessary infrastructure to manage the Bitcoin holdings securely, ensuring the ETF’s assets are protected with cutting-edge technology.
Helen Hayes, head of iShares Canada at BlackRock, emphasized the company’s commitment to innovation, noting, “The launch of the iShares Bitcoin ETF in Canada underscores BlackRock’s commitment to innovation and providing clients access to an expanding world of investments.” Hayes also highlighted that the ETF offers Canadian investors an easy and cost-effective way to gain Bitcoin exposure without directly dealing with the complexities of the digital asset.
The iShares Bitcoin ETF will be traded on Cboe Canada, which represents about 15% of the total trading volume on Canadian exchanges. Cboe Canada is known for hosting a range of innovative financial products, including U.S. spot crypto ETFs.
As of January 10, 2025, the CAD-listed iShares Bitcoin ETF had net assets amounting to approximately $701,338, with 25,000 units outstanding. The fund charges a management fee of 0.32%.
This launch marks a significant step in BlackRock’s efforts to provide diverse, secure, and accessible investment opportunities in the rapidly evolving cryptocurrency market, catering to a growing demand for regulated digital asset products in Canada.
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