- BlackRock Asset Management Canada has launched its latest exchange-traded fund (ETF), the iShares Bitcoin ETF, now trading on Cboe Canada Inc. under the symbol IBIT. U.S. dollar denominated units of the ETF trade under the symbol IBIT.U
- The iShares Bitcoin ETF aims to reflect the performance of the price of bitcoin, before accounting for the fund’s expenses and liabilities
- The fund invests all or substantially all of its assets in the iShares Bitcoin Trust ETF, which holds long-term positions in bitcoin. This new ETF provides investors with a convenient way to gain exposure to bitcoin through their brokerage accounts
- iShares Bitcoin Trust ETF (Cboe:IBIT.U.) opened trading at C$38.46
BlackRock Asset Management Canada has launched its latest exchange-traded fund (ETF), the iShares Bitcoin ETF, now trading on Cboe Canada Inc. under the symbol IBIT. U.S. dollar denominated units of the ETF trade under the symbol IBIT.U.
The iShares Bitcoin ETF aims to reflect the performance of the price of bitcoin, before accounting for the fund’s expenses and liabilities. The fund invests all or substantially all of its assets in the iShares Bitcoin Trust ETF, which holds long-term positions in bitcoin. This new ETF provides investors with a way to gain exposure to bitcoin through their brokerage accounts.
“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,” Helen Hayes, head of iShares Canada at BlackRock said in a news release. “The iShares Fund offers Canadian investors a cost-effective way to gain exposure to bitcoin, removing the operational and custody complexities of holding bitcoin directly.”
IBIT and IBIT.U join seven other iShares listings already trading on Cboe Canada. Investors can trade units of the iShares ETFs through their usual investment channels, including discount brokerage platforms and full-service dealers.
“Cboe has a history of bringing many first-of-their-kind products to market, including spot crypto ETFs in the United States, and we’re thrilled to continue our leadership in innovation by listing BlackRock Canada’s IBIT ETF on Cboe Canada,” Rob Marrocco, global head of ETF listings at Cboe, added. “Investors increasingly seek crypto exposure through exchange-listed wrappers, and Cboe intends to meet this demand by leveraging our global listings capabilities and derivatives expertise to broaden market access and grow the crypto ecosystem with new products. We are pleased to work with BlackRock and support their success on a global scale.”
Cboe Canada is home to ETFs from Canada’s largest ETF issuers, the entire suite of Canadian depositary receipts, and some of the most innovative Canadian and international growth companies. Cboe facilitates 15 per cent of all volume traded in Canadian listed securities.
The launch comes at a time when bitcoin is experiencing volatility. After reaching recent all-time highs, bitcoin’s value fell last week as the crypto market faced pressure from rising bond yields. The start of the year has been challenging for the world’s largest cryptocurrency, highlighting its unpredictable nature.
As a fiduciary to investors and a leading provider of financial technology, BlackRock works to help of people build savings by making investing easier.
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iShares Bitcoin Trust ETF (Cboe:IBIT.U.) opened trading at C$38.46.
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(Top image via BlackRock Asset Management Canada Ltd.)
