TORONTO – Cboe Canada Inc. announced the listing of the iShares Bitcoin ETF, managed by BlackRock Asset Management Canada Limited, on its trading platform. This new exchange-traded fund (ETF), which trades under the symbol IBIT for Canadian dollars and IBIT.U for US dollars, is designed to track the performance of Bitcoin, minus the expenses and liabilities of the iShares fund. Currently trading at $52.26, the ETF has demonstrated remarkable performance with a return of 115.62% over the past year, according to data from InvestingPro.
The iShares Bitcoin ETF primarily invests in the iShares Bitcoin Trust ETF, which in turn holds Bitcoin as its primary asset. This offering aims to provide investors with a cost-effective and operationally simpler method to gain exposure to Bitcoin, without the complexities associated with direct ownership. With an average daily trading volume of $51.81M and an excellent InvestingPro Financial Health Score of 4.21, the ETF has established itself as a liquid investment vehicle for exposure to Bitcoin.
Helen Hayes, Head of iShares Canada at BlackRock, said the launch of the iShares Bitcoin ETF in Canada reflects the company’s commitment to innovation and providing clients with access to a growing range of investment opportunities.
Cboe Canada, a Tier 1 exchange, has been operational since 2015 and is part of the Cboe Global Markets network. It is known for launching pioneering products including spot crypto ETFs in the United States. Rob Marrocco, Global Head of ETF Listings at Cboe, highlighted Cboe’s enthusiasm to continue its leadership in innovation by listing the BlackRock Canada IBIT ETF.
The addition of the iShares Bitcoin ETF expands the range of investment products available on Cboe Canada, which already includes seven other iShares listings. Cboe Canada is recognized for facilitating a significant portion of all volume traded in Canadian listed securities.
BlackRock, the manager behind iShares ETFs, oversees a global range of more than 1,400 ETFs with assets under management totaling approximately $4.2 trillion as of September 30, 2024. The company aims to make investing more accessible and affordable, helping individuals achieve financial well-being. For more in-depth analysis on IBIT’s performance and potential, InvestingPro subscribers can access additional analysis, including 7 more exclusive ProTips and comprehensive financial metrics.
This news is based on a press release from Cboe Canada Inc.
In other recent news, BlackRock, the world’s largest asset manager, indicated growing acceptance of cryptocurrencies. The company, which manages $11.5 trillion in assets, recently released an educational video about Bitcoin. The move follows BlackRock’s suggestion that investors consider allocating up to 2% of their portfolio to Bitcoin. This advice reflects a growing acceptance of cryptocurrencies in traditional financial portfolios. Bitcoin has seen a significant increase in value this year, rising by more than 150%. Additionally, BlackRock’s ownership of the iShares Bitcoin Trust ETF highlights its growing interest in the digital currency market. These developments are part of recent trends in the company’s approach to digital currencies.
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