BlackRock Expands Its Bitcoin ETF Offering to Canada

BlackRock has now launched the iShares Bitcoin ETF in Canada, expanding its digital asset offerings. The ETF is trading under the ticker ‘IBIT’, which is the same as the US.

This ETF became available for trading on January 13 on Cboe Canada, offering Canadian investors a simple way to get exposure to Bitcoin without the complexities of directly owning it.

BlackRock now offers the largest Bitcoin ETF, which is also available in Canada. The newly launched iShares Bitcoin ETF in Canada aims to track the performance of Bitcoin’s price before accounting for the ETF’s expenses and liabilities. It does this by investing in the iShares Bitcoin Trust ETF, which is listed in the US.

This structure is made possible by a technology integration with Coinbase Prime, a leading institutional digital asset custodian.

“Cboe has a long track record of bringing first-of-their-kind products to market, including the first spot crypto ETFs in the United States, and we’re very excited to continue our leadership in innovation by listing BlackRock Canada’s IBIT ETF on Cboe Canada,” said Helen Hayes, Head of iShares Canada, BlackRock.

The Bitcoin ETF also has a management fee of 0.32% and is available in both Canadian (IBIT) and US dollar (IBIT.U) denominated classes. The fund had net assets of approximately CAD 2 million at the last reported data point, with 50,000 units outstanding.

In the US market, BlackRock’s IBIT is already the largest Bitcoin ETF. The fund has net assets of over $52.7 billion, which is more than all European ETFs combined. The ETF was launched in the US exactly a year ago after being approved by the SEC, and now it is expanding into Canada.