Key Points
- BlackRock is set to launch a new Bitcoin ETF on the Cboe Canada stock exchange.
- The investment product will track Bitcoin’s price and allow Canadian investors easy exposure to the digital asset.
BlackRock Introduces Bitcoin ETF on Cboe Canada
BlackRock, the world’s leading asset management firm, is preparing to launch a new Bitcoin exchange-traded fund (ETF) on Cboe Canada’s stock exchange.
With over $11 trillion in assets under management, this move could potentially lead to a significant influx of capital into the digital asset, which has already seen record-breaking inflows from its ETFs in the United States.
Details of the New ETF
BlackRock Asset Management Canada Limited and Cboe Canada have collaborated to list the iShares Bitcoin ETF under the ticker IBIT.
The USD-dominated units have debuted under the ticker IBIT.U. This investment product will track the price of Bitcoin, deducting the iShares Fund’s expenses and liabilities.
The iShares Trust will invest most or all of its assets in the spot Bitcoin ETF offered by BlackRock in the United States, which itself invests all its capital in the world’s largest digital currency.
Cboe Canada has confirmed that investors can now invest in Bitcoin through their brokerage accounts, eliminating the need to open an account with an exchange.
Helen Hayes, Head of iShares Canada at BlackRock, stated that the new investment product will provide Canadian investors with a convenient and cost-effective way to gain exposure to Bitcoin and diversify their portfolios.
Given Bitcoin’s impressive 113.97% returns in the past year, the ETF could gain significant popularity in the region.
BlackRock’s Presence on Cboe Canada
BlackRock already has seven iShares listings on Cboe Canada, and this new ETF marks the eighth.
According to data from SoSoValue, BlackRock’s IBIT is the best-performing spot BTC ETF in the US, with a staggering $37.67 billion in inflows as of January 10th and net assets worth $52.79 billion.
Bitcoin’s Recent Market Performance
In the last 24 hours, Bitcoin’s price dropped below $90,000 for the first time since November 2024, but quickly rebounded to $92,000.
Despite the negative market movement, MicroStrategy, the largest corporate holder of Bitcoin, purchased an additional 2,530 BTC for $243 million, bringing its total holdings to 450,000 BTC, valued at over $40 billion.