BlackRock, one of the world’s most prominent financial asset managers, has launched a new Bitcoin ETF, iShares, on CBOE Canada. The iShares Bitcoin ETF or iShares Fund is currently available for trading with the symbol IBIT.
Key Features of the Bitcoin ETF
The iShares Bitcoin ETF will mirror the general market price of Bitcoin with adjustments made for any expenses and liabilities.
The new ETF will invest in the U.S.-listed iShares Bitcoin Trust ETF, listed on U.S. exchanges and overseen by BlackRock. As of December 31, 2024, this trust boasts above $50 billion in assets under management, reflecting a noteworthy level of investor interest and confidence in the Bitcoin market.
This innovative exchange-traded fund (ETF) offers investors a streamlined way to gain exposure to Bitcoin without needing direct cryptocurrency ownership.
The ETF was officially listed today, January 13, 2025, and a management fee of 0.32% will be charged annually.
Significance of This Bitcoin ETF in Canada
According to Helen Hayes, the lead of iShares, BlackRock Canada, this innovative financial product will provide Canadian investors with a convenient way to access Bitcoin. This will also help them bypass the complexities of directly buying and holding digital currencies.
iShares will allow retail and institutional investors to diversify their portfolios with Bitcoin. This development will enhance investor confidence in cryptocurrencies and attract more traditional investors into the digital asset space.
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