BlackRock has officially announced the launch of a new iShares Bitcoin ETF, available for trading on Cboe Canada. The new ETF, known as IBIT and IBIT.U, is created to simplify and regulate Bitcoin investment for Canadian residents.
ETF Launch and Features
The iShares Bitcoin ETF employs a 'funds-of-funds' strategy, meaning it primarily holds shares of the U.S.-listed iShares Bitcoin Trust ETF, which physically holds Bitcoin. This ETF launch aims to simplify the investment process for Canadian investors.
Support from Coinbase Prime
The ETF is backed by Coinbase Prime, an institutional digital asset custodian providing advanced technology to securely manage Bitcoin within the fund.
Response and Feedback on Innovation
Helen Hayes, the Head of iShares Canada at BlackRock, noted in a press release that launching this ETF underscores BlackRock's commitment to innovation and expanding clients' investment opportunities. The ETF offers Canadian investors a convenient and cost-effective way to gain exposure to Bitcoin. Rob Marrocco from Cboe highlighted the exchange's reputation for bringing unique products to market.
The launch of the iShares Bitcoin ETF on Cboe Canada marks a significant step in expanding investment opportunities for Canadian investors, ensuring accessibility and security in Bitcoin investments. It highlights BlackRock's commitment to innovation and market development.
