Asset Manager BlackRock Launches Bitcoin ETF on Cboe Canada

In a notable development for the cryptocurrency sector, BlackRock has launched its iShares Bitcoin (BTC) exchange-traded fund (ETF) on Cboe Canada. Trading began on January 13, offering Canadians an accessible option to gain exposure to Bitcoin without directly owning the asset.

BlackRock Launches BTC ETF in Canada

According to a press release, the newly launched ETF, listed under the symbol IBIT, also offers U.S. dollar-denominated units under IBIT.U. The fund joins seven other iShares products already trading on Cboe Canada, further solidifying BlackRock’s presence in the Canadian market.

As of January 10, the Canada-listed iShares Bitcoin ETF had approximately $701,338 in net assets with 25,000 units in circulation. BlackRock applies a management fee of 0.32% to the fund.

In line with its objective, the ETF primarily seeks to mirror Bitcoin’s price performance by focusing on investments in the U.S.-based iShares Bitcoin Trust ETF. The initiative underscores BlackRock’s dedication to delivering cost-effective and simplified methods for Canadian investors to engage with Bitcoin without direct ownership.

Expanding Crypto Investment Opportunities

Since its launch in January 2024, BlackRock’s BTC fund has outpaced its gold ETF in assets under management. By simplifying access to Bitcoin, IBIT has attracted interest from traditional market participants.

Notably, the asset manager’s newly launched fund represents a significant milestone in expanding crypto-focused investment opportunities in Canada. Helen Hayes, Head of iShares Canada at BlackRock, emphasized that the newly launched fund provides Canadians an easy and affordable way to gain exposure to Bitcoin without the complexities of direct ownership.

“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. The iShares Fund provides Canadian investors with a convenient and cost-effective way to gain exposure to bitcoin and helps remove the operational and custody complexities of holding bitcoin directly,” Hayes stated.

Additionally, Rob Marrocco, Global Head of ETF Listings at Cboe, highlighted that the platform has built a strong reputation for introducing groundbreaking financial products, including spot crypto ETFs in the United States. The platform processes roughly 15% of trading volume in Canadian-listed securities and serves as a key venue for ETFs, Canadian Depositary Receipts, and listings from emerging companies.