BlackRock has officially launched the iShares Bitcoin ETF, now trading on Cboe Canada under the symbol IBIT, with U.S. dollar denominated units listed as IBIT.U.
This new exchange-traded fund (ETF) is designed to provide Canadian investors with seamless access to bitcoin through traditional brokerage accounts.
The iShares Bitcoin ETF aims to mirror the price performance of bitcoin before accounting for fund expenses and liabilities. It achieves this by investing primarily in the U.S.-based iShares Bitcoin Trust ETF (U.S. IBIT), which holds long-term positions in bitcoin.
This structure simplifies bitcoin investment for Canadian investors by eliminating the operational and custody challenges associated with directly holding cryptocurrency.
“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,” said Helen Hayes, Head of iShares Canada at BlackRock. “The iShares Fund offers Canadian investors a convenient and cost-effective way to gain exposure to bitcoin.”
The introduction of IBIT and IBIT.U expands BlackRock’s offerings on Cboe Canada, joining seven other iShares ETFs already trading on the exchange. Investors can access these ETFs through various investment channels, including discount brokerage platforms and full-service dealers.
In a recent Thought Leadership piece on Fintech.ca, Eric Richmond, General Counsel and Head of Business Development at Shakepay, emphasized the growing acceptance of Bitcoin in Canada, noting that “Bitcoin ETFs, for instance, have seen substantial adoption.”
He further advocated for the inclusion of Bitcoin as a qualified investment in registered accounts, stating, “It is now time to take the next step and allow direct investment in Bitcoin.”
These insights highlight the increasing demand for Bitcoin exposure among Canadian investors and underscore the significance of BlackRock’s launch of the iShares Bitcoin ETF on Cboe Canada.
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