BlackRock Unveils New Bitcoin ETF on CBOE Canada

Highlights:

• BlackRock has launched a new Bitcoin ETF on the leading Canadian CBOE stock exchange.
• The latest ETF will be managed by its North American branch, BlackRock Asset Management Canada Limited.
• The investment firm said the new fund will trade under the ticker IBIT, while the U.S. dollar part will use the emblem IBIT.U.

As part of its concentrated efforts to expand its Bitcoin (BTC) Exchange Traded Fund (ETF) reach, leading asset management firm and financial services provider BlackRock has launched a new ETF, the iShares Bitcoin ETF (the “iShares Fund,”) in Canada. The investment firm relayed the new development through a January 13 press release.

JUST IN: $11.5 trillion BlackRock launches its #Bitcoin ETF on CBOE Canada 🇨🇦 pic.twitter.com/PwRGD4PmUz

— Bitcoin Magazine (@BitcoinMagazine) January 13, 2025

According to the publication, the asset management subsidiary BlackRock Asset Management Canada Limited will manage the newly launched ETF. In addition, the fund is already live on CBOE, a top Canadian stock exchange. For context, it is trading under the ticker IBIT, while the U.S. dollar trading entity trades with IBIT.U as its market symbol.

In the press release, BlackRock mentioned that IBIT and IBIT.U are already trading in the stock exchange market with seven other iShares listings. It added that traders can access the trading feature through traditional methods like full-service dealers and discount brokerage platforms.

Rob Marrocco, Global Head of ETF Listings at CBOE, expressed his excitement about the latest ETF launch. He stated:

“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.”

The iShares Fund will Simplify Direct BTC Ownership Complexities

Like most ETFs, the iShares Bitcoin ETF allows investors to see Bitcoin’s price performance before paying for its expenses and liabilities. It is worth noting that the iShares Fund indirectly stores its assets as iShares Bitcoin Trust ETF (U.S. IBIT). On its part, the U.S. IBIT then holds the Bitcoin assets in a long-term investment pattern.

With the above structure, users gain access to Bitcoin through their brokerage accounts. Hence, it helps reduce the risk that comes with direct Bitcoin ownership. Examples of such risks include regulatory challenges stemming from owning the token and the complexities associated with managing private keys and wallets.

Speaking on the latest launching uniqueness, Helen Hayes, Head of iShares Canada, BlackRock, said:

“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.”

It is worth noting that through its asset management services, BlackRock concluded 2024 as the most profitable Bitcoin ETF. It purchased over $50 billion worth of BTC and had over 500,000 Bitcoin under management in the previous year.

JUST IN: $11.5 trillion BlackRock launches its #Bitcoin ETF on CBOE Canada 🇨🇦 pic.twitter.com/PwRGD4PmUz

— Bitcoin Magazine (@BitcoinMagazine) January 13, 2025

Crypto Adoption Soars

In one of its findings on cryptocurrency adoption, BlackRock compared the adoption rates of crypto, the internet, and mobile phones. Notedly, the studies centered on the time taken for each of the highlighted entities to reach 300 million users.

Per the statistics obtained from the research, it took mobile phones 21 years to hit the target. The internet needed 15 years to reach 300 million users, while cryptocurrency (Bitcoin) attained the same feat within 12 years.

WOW: BlackRock ($11.5 trillion) says that #crypto adoption is outpacing the internet and mobile phones. pic.twitter.com/LzPawEwBND

— Altcoin Daily (@AltcoinDailyio) January 13, 2025

The above findings say a lot about how people perceive crypto assets, especially their roles in the global financial system and other use cases. With more enlightenment and the emergence of exciting features that make cryptocurrency transactions seamless, the crypto adoption rate could hit greater heights in a few years.