As a crypto enthusiast, I’m thrilled to share that I’ve noticed BlackRock broadening their digital asset portfolio with the introduction of the iShares Bitcoin ETF in Canada. This ETF can be traded using the symbol ‘IBIT’, which is reminiscent of its counterpart in the US.
Starting from January 13, this Exchange-Traded Fund (ETF) has become available for trading on Cboe Canada. This offers Canadian investors an effortless method to acquire Bitcoin exposure, eliminating the intricacies associated with direct possession.
BlackRock Expands the Largest Bitcoin ETF Offering to Canada
In simpler terms, the recently introduced Bitcoin ETF (Exchange Traded Fund) in Canada aims to replicate the fluctuations of Bitcoin’s price without considering its own costs and obligations. This is accomplished by purchasing shares in the U.S.-listed iShares Bitcoin Trust ETF, effectively mirroring the performance of Bitcoin.
As an analyst, I utilize a system that seamlessly integrates advanced technology, co-developed with Coinbase Prime – a trailblazing institutional digital asset custody service.
Helen Hayes, Head of iShares Canada at BlackRock, expressed excitement about Cboe’s continued role as a pioneer in innovation, stating that they are pleased to list BlackRock Canada’s IBIT ETF on Cboe Canada. This includes products like the first spot crypto ETFs in the U.S., which Cboe has previously introduced.
Additionally, it’s worth noting that the Bitcoin ETF comes with a management fee of 0.32% and is accessible in two types: Canadian dollar (IBIT) and US dollar (IBIT.U). At this moment, the fund’s total assets are roughly CAD 2 million, with approximately 50,000 units currently in circulation.
BlackRock’s IBIT, a Bitcoin exchange-traded fund (ETF), currently leads as the largest such investment vehicle in the U.S. market. With a net asset value exceeding $52.7 billion, this ETF surpasses the combined total of all European Bitcoin ETFs. The fund was authorized for launch in the U.S. one year ago by the Securities and Exchange Commission (SEC), and it is now expanding its reach into Canada.
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2025-01-13 18:49