BlackRock is set to launch its iShares Bitcoin ETF on Cboe Canada, marking a significant step in the global asset manager’s expansion into the cryptocurrency market. This move allows Canadian investors to gain direct exposure to Bitcoin through their brokerage accounts, offering the same product available in the United States under the symbols IBIT and IBIT.U for U.S. dollar-denominated units.
The iShares Bitcoin ETF, designed to reflect Bitcoin’s price performance minus fund expenses, allocates most of its assets to the U.S.-based iShares Bitcoin Trust ETF (IBIT). This structure simplifies the process for investors, eliminating the operational and custody challenges typically associated with holding Bitcoin directly.
Helen Hayes, Head of iShares Canada at BlackRock, emphasized the importance of the new ETF offering, stating, “The launch of the iShares Bitcoin ETF in Canada underscores BlackRock’s commitment to innovation and providing clients access to an expanding world of investments.” She further explained that the fund provides Canadians with a cost-effective and convenient way to gain exposure to Bitcoin, removing the complexities of direct ownership.
Cboe, a key player in Canadian listed securities, which handles 15% of all trading volume, has expressed enthusiasm about supporting the growth of the crypto sector. Rob Marrocco, Global Head of ETF Listings at Cboe, noted, “Cboe has a history of bringing first-of-their-kind products to market, and we’re thrilled to continue leading in innovation by listing BlackRock Canada’s IBIT ETF.”
BlackRock’s global reach is substantial, managing over $4.2 trillion in assets worldwide, with its iShares Bitcoin Trust ETF leading the market with a portfolio valued at $52.79 billion. However, the firm recently faced criticism following the release of a video suggesting that Bitcoin’s 21 million supply cap could potentially be altered. The Bitcoin community quickly condemned the idea, highlighting its deviation from Bitcoin’s foundational principles.
BlackRock’s expansion into the Canadian market coincides with a period of political transition in Canada, following Prime Minister Justin Trudeau’s resignation. His tenure included several policies seen as antagonistic to Bitcoin, such as invoking the Emergencies Act during the 2022 Freedom Convoy protests, which led to the freezing of bank accounts and targeting of Bitcoin wallets. Trudeau’s government also imposed strict regulations on cryptocurrency exchanges, including mandatory registration and enforcement actions against platforms like Binance.
The resignation of Trudeau opens the door for potential policy shifts in Canada, with opposition leader Pierre Poilievre advocating for a more crypto-friendly regulatory environment. Poilievre has expressed strong support for Bitcoin and has called for a regulatory framework that allows the cryptocurrency sector to flourish.
As BlackRock enters the Canadian market, its move could signal a broader shift in Canada’s approach to cryptocurrency, potentially positioning the country as a more welcoming environment for digital assets.
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