Key Takeaways
- BlackRock launched its IBIT ETF on Cboe Canada on January 13.
- The ETF uses Coinbase Prime for custody and has a 0.32% management fee.
- IBIT Canada began with CAD 2 million in net assets and 50,000 units.
BlackRock has officially launched its iShares Bitcoin ETF (IBIT) on Cboe Canada, offering Canadian investors seamless exposure to Bitcoin.
Trading under the ticker IBIT, this ETF mirrors the performance of Bitcoin’s price by investing in the US-listed iShares Bitcoin Trust ETF.
The ETF benefits from BlackRock’s collaboration with Coinbase Prime, which provides institutional-grade custody for its Bitcoin holdings.
This structure aims to simplify Bitcoin investments for Canadians by avoiding the challenges of direct ownership.
ETF details & market impact
The iShares Bitcoin ETF is available in both Canadian (IBIT) and US dollar (IBIT.U) classes, with a management fee of 0.32%.
At launch, the fund reported net assets of CAD 2 million and 50,000 outstanding units.
Helen Hayes, Head of iShares Canada at BlackRock, 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.
Already the largest Bitcoin ETF in the US market with $52.7 billion in net assets, BlackRock’s IBIT is poised to gain traction in Canada.
