BlackRock, one of the world’s largest asset management companies with over $11 trillion in assets, is preparing to introduce a Bitcoin exchange-traded fund (ETF) on Cboe Canada. This move could bring significant capital into the digital currency, as its U.S.-based ETFs have already experienced unprecedented investment inflows.
As stated in the official release, BlackRock Asset Management Canada Limited and Cboe Canada have collaborated to list the iShares Bitcoin ETF, denoted by the ticker IBIT. The U.S. dollar-based units are already trading under the symbol IBIT.U. Notably, this investment product will follow the price of Bitcoin, taking into account the expenses and liabilities of the iShares Fund before it does so.
It’s noteworthy to mention that the iShares Trust, managed by BlackRock, primarily allocates its funds towards the world’s leading digital currency, Bitcoin. This ETF allows investors in the U.S. a convenient way to invest in Bitcoin without needing to set up an account with a direct exchange. Cboe Canada has recently enabled this investment opportunity through regular brokerage accounts.
Helen Hayes, the Head of iShares Canada at BlackRock, discussed a novel investment product that offers Canadian investors an “easy and affordable method” to invest in Bitcoin, thereby diversifying their existing portfolios. Given Bitcoin’s impressive 113.97% growth over the past year, this ETF could potentially experience significant interest within the region.
– It’s worth mentioning that BlackRock currently has seven iShares listings on Cboe Canada, and this new one makes it number eight.
– Data from SoSoValue indicates that among all spot Bitcoin ETFs in the U.S., BlackRock’s IBIT is the top performer with a staggering $37.67 billion in inflows as of January 10th. As of the same date, its net assets are valued at approximately $52.79 billion.
Bitcoin Crashes and then Recovers
Over the last day, Bitcoin fell below $90,000 for the first time since November 2024, only to bounce back to $92,000, according to CoinMarketCap data. The digital currency reached a daily peak of $95,837 before dipping to $89,260.10. Currently, the Bitcoin price is at $92,143.18, representing a 3% decrease in the past 24 hours.
Despite the market facing downward trends, the major Bitcoin owner, MicroStrategy, bought 2,530 additional Bitcoins for approximately $243 million. This acquisition brings their total holdings to 450,000 Bitcoins, which are currently worth over $40 billion.
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2025-01-13 20:24