Canadian investors now have a new way to dip their toes into Bitcoin, because BlackRock’s subsidiary, iShares, has just launched the iShares Bitcoin ETF on Cboe Canada.
Welcome to the iShares Bitcoin ETF party
Trading kicked off for the iShares Bitcoin ETF on January 13, and it’s available under two symbols: IBIT for Canadian dollars and IBIT.U for U.S. dollars.
This fund will track Bitcoin’s price while keeping an eye on operational costs and liabilities. So, if you’ve ever wanted to invest in Bitcoin without the hassle of managing your own digital wallet, this could be your golden ticket.
The ETF is linked to the iShares Bitcoin Trust ETF, which holds onto Bitcoin for the long haul.
This means you can get exposure to Bitcoin right from your brokerage account, no need to navigate the tricky waters of direct custody or storage of the cryptocurrency.
New way of business for Canadians
Helen Hayes, who heads iShares Canada, highlighted just how valuable this initiative is, telling it’s a win-win for both investors and issuers.
“The iShares Fund provides Canadian investors with a convenient and cost-effective way to gain exposure to Bitcoin and helps remove the operational and custody complexities of holding Bitcoin directly.”
Rob Marrocco, Cboe Canada’s global head of ETF listings, also couldn’t contain his excitement about teaming up with BlackRock.
“Investors increasingly seek crypto exposure through exchange-listed wrappers.”
Cboe is all about meeting that demand by using its global listings skills and derivatives know-how to expand market access and grow the crypto ecosystem.
Get in the line, there are more to come
This new ETF joins a lineup of seven other iShares listings already active on Cboe Canada, a platform known for its robust trading volumes in Canadian securities.
You can access IBIT through various channels, whether you prefer discount brokerage platforms or full-service dealers. Cboe is committed to pushing digital asset offerings forward with its top-notch trading infrastructure.
The launch of the iShares Bitcoin ETF is quite a big shift as institutional interest in cryptocurrencies continues to grow.
Last year saw an explosion in this space, and by adding this product, iShares is solidifying its goal of providing Canadian investors with innovative ways to engage with the market.
