BlackRock Asset Management launched its first Canadian Bitcoin ETF on Cboe Canada, supporting the asset management firm’s push to simplify crypto exposure for everyday investors.
The iShares Bitcoin ETF (iShares Fund) has begun trading under the IBIT ticker in Canadian dollars and IBIT.U in U.S. dollars, targeting investors seeking Bitcoin exposure without the usual complexities of direct crypto ownership.
Such an investment product “helps remove the operational and custody complexities,” Helen Hayes, Head of iShares Canada for BlackRock, said in a statement on Monday.
Notably, the iShares Fund invests “all or substantially all of its assets” in the iShares Bitcoin Trust ETF in the U.S.
The fund allows investors to hold Bitcoin exposure in tax-advantaged accounts through traditional brokerage platforms in a bid to address certain concerns investors have, including custody and exchange account requirements.
BlackRock’s entry brings institutional credibility to Canada’s crypto market, with the fund joining seven other iShares listings on Cboe Canada. The exchange facilitates 15% of Canada-listed securities trading volume, per the statement.
Younger investors, consistent growth
Continued investment in crypto ETFs such as IBIT reflects broader demographic shifts, with younger investors showing more appetite for digital assets as concerns about inflation grow,
BlackRock notes in a prospective report on how ETFs are changing Bitcoin exposure.
Bitcoin has emerged as a significant digital asset class in recent years, with potential appeal as a global monetary alternative during periods of institutional uncertainty.
Crypto adoption more broadly is outpacing historical technology trends, reaching 300 million users faster than both the internet and mobile phones, industry data tracked by BlackRock shows.
For comparison, BlackRock’s research indicates that crypto only took 12 years to be widely adopted, compared to the internet’s 15 years and 21 years for mobile phones.
In the U.S., BlackRock’s iShares Bitcoin ETF (IBIT) has amassed $52.7 billion in assets under management, with net inflows reaching peaks of $1.2 billion during its strongest periods, data from CoinGlass shows.
Total Bitcoin spot ETF inflows for the fund show consistent growth through late 2024 despite periodic outflows, reflecting a strong institutional appetite for regulated crypto exposure.
Even still, Bitcoin spot ETFs recorded significant outflows on Monday, with market leaders GBTC, FBTC, and ARKB collectively shedding over $295 million in a single day, contributing to a total market outflow of $313.6 million across the sector.
On the same day, Bitcoin briefly traded below $90,000 before reclaiming the $95,000 level at press time, data from CoinGecko shows.
Edited by Sebastian Sinclair
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