BlackRock debuts Bitcoin ETF on CBOE Canada

BlackRock, the world’s largest asset manager, introduced a new Bitcoin ETF at CBOE Canada.

BlackRock has launched the iShares Bitcoin (BTC) exchange-traded fund to provide institutionally managed BTC access to Canadian investors, according to CBOE’s press release.

BlackRock already manages the largest US spot Bitcoin ETF, known as IBIT, which was crowned the fastest-growing fund in history with over $52 billion in investor capital in its first year.

Commenting on the launch, BlackRock iShares Canada President Helen Hayes said the introduction of a local product will make it easier to hold Bitcoin through a “convenient and cost-effective” channel.

Rob Marrocco, CBOE Global Head of ETF Listing, echoed Hayes’ thoughts, emphasizing that IBIT’s expansion into Canada will meet investors’ growing demand for crypto exposure.

Investors are increasingly seeking exposure to crypto through exchange-listed wrappers, and Cboe aims to meet this demand by leveraging both our global listing capabilities and derivatives expertise to expand market reach and grow the crypto ecosystem with new products. We are delighted to be working with BlackRock and look forward to supporting their success on a global scale through our global listing network.

Rob Marrocco, Global Head of CBOE ETF Listings

The launch marks one of the first major spot Bitcoin ETFs to enter the Canadian market. In the US, the spot Bitcoin ETF complex currently manages $107 billion in assets.

While the Canadian market is unlikely to reach that scale, BlackRock’s decision could bring more institutional capital into Bitcoin through local investment channels. BlackRock offers Bitcoin products in Canada as well as other markets such as Brazil. The company’s expansion reflects growing global interest in Bitcoin and cryptocurrencies as alternative asset classes amid inflation and uncertainty in traditional financial markets.