BlackRock Kick-Off Bitcoin ETF in Canada
BlackRock Asset Management introduced its first Canadian Bitcoin ETF on Cboe Canada
The iShares Bitcoin ETF (iShares Fund) is now trading under the IBIT ticker denominated in the Canadian dollar. The investment assets class is aimed at investors who want exposure to Bitcoin without the typical hassles of direct cryptocurrency ownership.
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Helen Hayes, Head of iShares Canada at BlackRock, stated that such an investment product “helps remove the operational and custody complexities.”.
The fund enables investors to hold Bitcoin exposure in tax-advantaged accounts through conventional brokerage platforms to allay investor worries about custody and exchange account requirements.
BlackRock’s entry lends institutional credibility to Canada’s cryptocurrency market WITH the fund joining seven other iShares listings on Cboe Canada. According to the statement, 15% of the trading volume of securities listed in Canada runs through Cboe Canada.
Bitcoin has become a prominent class of digital assets that may be attractive as a worldwide monetary substitute amid institutional turbulence. The adoption of cryptocurrencies is faster than past technological trends, reaching 300 million users more quickly than the internet and mobile phones.
Crypto assets took only 12 years to become widely used as seen on BlackRock’s research, while the internet took 15 years and mobile phones took 21 years.
CoinGlass data showed BlackRock’s iShares Bitcoin ETF (IBIT) has $52 billion in assets under management, with net inflows peaking at $1.02 billion during its most active times.
The fund’s overall inflows into Bitcoin spot ETFs continue to grow through late 2024 Notwithstanding sporadic withdrawals, , indicating a robust institutional appetite for regulated cryptocurrency exposure.
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