BlackRock Launches New Bitcoin ETF on Cboe Canada
01/14/2025 00:10
BlackRock launches Bitcoin ETF on Cboe Canada under ticker IBIT, expanding cryptocurrency investment options for Canadian investors.
Key Notes
- BlackRock's Canadian Bitcoin ETF leverages its successful US counterpart, which has already attracted $37.67 billion in investment flows.
- The new IBIT offering enables Canadian investors to gain Bitcoin exposure through traditional brokerage accounts without crypto exchanges.
- Despite recent Bitcoin price volatility between $89K-$96K, institutional interest remains strong with MicroStrategy adding 2,530 BTC.
The world’s leading asset management firm, BlackRock, which has massive assets under management (AUM) of more than $11 trillion, is set to debut a new Bitcoin exchange-traded fund (ETF) on the stock exchange Cboe Canada. This opens new doors for an influx of capital for the digital asset, which has already seen record-breaking inflows from its ETFs in the United States.
According to the official statement, BlackRock Asset Management Canada Limited and Cboe Canada have worked together towards the listing of the iShares Bitcoin ETF under the ticker IBIT, while the USD-dominated units have debuted under the ticker IBIT.U. The investment product will track the price of Bitcoin “before payment of the iShares Fund’s expenses and liabilities,” added the announcement.
Interestingly, the iShares Trust “invests all or substantially all of its assets” in the spot BTC $91 733 24h volatility: 3.5% Market cap: $1.82 T Vol. 24h: $60.52 B ETF offered by BlackRock in the United States, which in turn invests all of its capital in the world’s largest digital currency. Cboe Canada confirmed that investors can now invest in Bitcoin through their brokerage accounts without the hassle of opening an account with an exchange.
Helen Hayes, Head of iShares Canada, BlackRock, talked about how the new investment product will provide Canadian investors a “convenient and cost-effective way” to have exposure to Bitcoin and expand their assets in their basket. Considering Bitcoin’s 113.97% returns in the past year, the ETF could gain massive popularity in the region.
It is important to note that BlackRock already has seven iShares listings on Cboe Canada, and this marks the eighth one. On the other hand, according to the data provided by SoSoValue, BlackRock’s IBIT is the best-performing spot BTC ETF in the US, witnessing a monumental $37.67 billion in inflows as of January 10th. The ETF has net assets worth $52.79 billion.
Bitcoin Crashes and then Recovers
In the past 24 hours, Bitcoin crashed beneath $90,000 for the first time since November 2024 but then made a swift recovery to $92,000, as per the data from CoinMarketCap. The market leader soared to a daily high of $95,837, plummeting to $89,260.10 thereafter. The price of the cryptocurrency at the time of writing stands at $92,143.18, down 3% in the past 24 hours.
While the market moved negatively, the largest corporate holder of Bitcoin, MicroStrategy, purchased 2,530 BTC for $243 million and now holds a total of 450,000 BTC, valued at over $40 billion.
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