BlackRock has officially introduced its iShares Bitcoin ETF to the Canadian market, offering investors a convenient and indirect way to gain exposure to Bitcoin without directly owning the cryptocurrency.
The ETF, trading under the ticker "IBIT," was launched on January 13 on Cboe Canada, following the footsteps of its successful counterpart in the U.S. The ETF tracks the price performance of Bitcoin by investing in the U.S.-listed iShares Bitcoin Trust ETF and utilizes technology from Coinbase Prime for efficient custodial services.
Available in both Canadian and U.S. dollar classes (IBIT and IBIT.U), the fund incurs a management fee of 0.32% and currently boasts CAD 2 million in assets, spread across 50,000 units. Notably, the iShares Bitcoin ETF in the U.S. has managed to garner over $52.7 billion in assets since its debut a year ago, surpassing the combined value of all European Bitcoin ETFs. This Canadian launch marks BlackRock's latest venture in expanding its presence in the digital asset market globally.
Emphasizing the significance of this milestone, BlackRock's Head of iShares Canada, Helen Hayes, also highlighted Cboe's role in driving innovation in cryptocurrency investment products. With this expansion, BlackRock continues to lead the way in providing Bitcoin-focused financial solutions.
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