BlackRock Launches Bitcoin ETF in Canada Amid Economic Challenges
BlackRock, the world's largest asset manager, has launched its Bitcoin exchange-traded fund (ETF) on the Cboe Canada platform. The iShares Bitcoin ETF, listed under the ticker IBIT, offers Canadian investors a regulated and convenient way to gain exposure to Bitcoin. This move comes amidst economic challenges in Canada and solid institutional interest in Bitcoin.
Helen Hayes, Director of iShares Canada at BlackRock, anticipates the new product providing Canadian investors with a 'convenient and profitable' route to invest in Bitcoin. The ETF mirrors BlackRock's successful U.S. Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has attracted over $37 billion in investment flows and has net assets valued at over $52 billion. Despite recent volatility, institutional interest in Bitcoin remains robust, with companies like MicroStrategy continuing to accumulate Bitcoin.
BlackRock's decision to list its Bitcoin ETF on Cboe Canada marks the eighth BlackRock product on the platform, adding to its existing seven listings of iShares. The Canadian ETF is denominated in both Canadian dollars (IBIT) and U.S. dollars (IBIT.U).
The iShares Bitcoin ETF is now available to Canadian investors, transforming the way they interact with Bitcoin. This new tool for portfolio diversification is expected to provide a familiar and accessible investment path, despite the current economic challenges in Canada.
