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BlackRock is introducing its iShares Bitcoin ETF to the Canadian market by listing the product on Cboe Canada.
Trading under the symbols IBIT and IBIT.U for U.S. dollar-denominated units, the iShares Bitcoin ETF has the same offering as its US counterpart in giving investors exposure to Bitcoin directly within their brokerage accounts.
The iShares Bitcoin ETF reflects the price performance of Bitcoin, minus the fund’s expenses and liabilities, by allocating nearly all of its assets to the iShares Bitcoin Trust ETF (U.S. IBIT).
This structure enables the iShares Fund to eliminate the operational and custody challenges associated with holding Bitcoin directly.
“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, BlackRock.
"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.”
Cboe, which facilitates 15% of all Canadian listed securities volume, is dedicated to supporting the growth of the crypto ecosystem through ETF solutions.
"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,” said Rob Marrocco, Global Head of ETF Listings at Cboe.
BlackRock manages over $4.2 trillion in assets globally. Its iShares Bitcoin Trust, managing $52.79 billion, is the leading Bitcoin ETF product.
Last month, BlackRock faced backlash over a video suggesting Bitcoin's 21M supply cap could "be changed," sparking criticism from the Bitcoin community.
The video, which highlights Bitcoin’s fundamentals to support BlackRock's iShares Bitcoin Trust (IBIT) ETF, was posted on the asset manager's website and shared widely across social media.
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BlackRock's ETF venture into Canada comes within weeks of Justin Trudeau's resignation. His departure raises the possibility of a new leadership era in Canada, potentially under someone more favorable to the cryptocurrency sector.
Trudeau’s tenure included several actions that were hostile to Bitcoin, notably invoking the Emergencies Act during the 2022 Freedom Convoy protests to freeze bank accounts and target Bitcoin wallets, sparking criticism for undermining financial freedom.
Additionally, his government imposed stringent regulations on cryptocurrency exchanges, including mandatory registration, trading caps, and enforcement actions against platforms like Binance.
These actions reinforced the perception of a crackdown on the digital asset space. Poilievre, on the other hand, has expressed strong support for Bitcoin and has called for more open regulations to allow the cryptocurrency sector to thrive.
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