BlackRock’s Bitcoin ETF has landed on Canadian markets with two currency trades

BlackRock Asset Management has launched its first Canadian Bitcoin ETF on Cboe Canada, supporting the asset management firm’s efforts to simplify crypto exposure for everyday investors.

The iShares Bitcoin ETF (iShares Fund), which began trading in Canadian dollars under the ticker IBIT and IBIT.U in US dollars, aims to give investors direct exposure to bitcoins without the usual complexities of owning crypto.

Such an investment product “helps remove the complexities of handling and storage,” Helen Hayes, head of iShares Canada at BlackRock, said in a statement on Monday.

Notably, the iShares Fund invests “all or substantially all of its assets” in the US-based iShares Bitcoin Trust ETF.

The fund allows investors to hold Bitcoin exposure in tax-advantaged accounts through traditional brokerage platforms to address certain concerns, including custody and exchange account requirements.

BlackRock’s entry brings institutional confidence to Canada’s crypto market, with the fund joining seven other iShares lists According to Cboe Canada. The exchange facilitates 15% of the trading volume of Canadian listed securities.

Young investors, consistent growth

Continued investment in crypto ETFs like IBIT reflects broader demographic shifts, with younger investors showing greater appetite for digital assets. concerns about inflation grow up,

BlackRock marks the future report 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. a period of institutional uncertainty.

With network data controlled by BlackRock reaching 300 million users faster than both the internet and mobile phones, cryptocurrency adoption is outpacing historical technology trends.

In comparison, BlackRock research shows that it took just 12 years for crypto to become mainstream, while it took 15 years for the internet and 21 years for mobile phones.

In the US, BlackRock’s iShares Bitcoin ETF (IBIT) has accumulated $52.7 billion in assets under management, with net inflows of $1.2 billion during its strongest periods. data From CoinGlass shows.

Total Bitcoin Spot ETF Flow for Fund Representation consistent growth By the end of 2024, despite periodic outflows, reflects a strong institutional appetite for regulated crypto exposure.

Still, Bitcoin spot ETFs saw significant outflows on Monday, with market leaders GBTC, FBTC and ARKB shedding more than $295 million in a single day, contributing to total market outflows of $313.6 million across the sector.

On the same day, Bitcoin briefly traded below $90,000 and regained the $95,000 level at press time. data From CoinGecko shows.

Edited by Sebastian Sinclair