BlackRock Launches New Bitcoin ETF on Cboe Canada With $38 Billion Backing

Officially announced on January 13, the fund will trade under the ticker IBIT, mirroring the company’s flagship US product, iShares Bitcoin Trust (IBIT).

The iShares Bitcoin ETF aims to offer Canadian investors seamless access to Bitcoin while eliminating the logistical hurdles of direct ownership. Helen Hayes, head of iShares Canada at BlackRock, emphasized its role in simplifying Bitcoin investments and addressing custody complexities.

“The iShares Fund provides Canadian investors with a […] way to gain exposure to bitcoin and helps remove the operational and custody complexities of holding bitcoin directly,” said Helen Hayes, BlackRock’s head of iShares Canada.

Cboe Canada, renowned for its pioneering initiatives, highlighted enthusiasm for partnering on this project. The exchange underscored its history of launching groundbreaking products, including spot cryptocurrency ETFs in the United States, and expressed pride in listing BlackRock Canada’s IBIT ETF.

“Cboe has a history of bringing many first-of-their-kind products to market, including spot crypto ETFs in the United States, and we’re thrilled to continue our leadership in innovation by listing BlackRock Canada’s IBIT ETF on Cboe Canada,” the exchange said.

Since launching in January 2024, BlackRock’s US-based IBIT ETF has quickly established itself as the world’s most popular Bitcoin fund, boasting over $37.70 billion in net inflows. This staggering growth is part of a broader surge in Bitcoin ETFs, which collectively saw over $35 billion in net inflows last year, averaging $144 million daily, according to SoSoValue.

Source: SoSoValue

The rise of Bitcoin ETFs in Canada has been no less remarkable. BlackRock’s new offering will join over a dozen other Bitcoin ETFs that are already trading on Canadian exchanges, according to Nasdaq. However, analysts suggest that BlackRock’s industry clout and the iShares brand will give it a competitive edge.

In the broader market, US Bitcoin ETFs reached a historic milestone in November 2024, surpassing $100 billion in net assets for the first time, per Bloomberg Intelligence data. Looking ahead, crypto analysts from Steno Research predict another $48 billion in Bitcoin ETF inflows in 2025, underscoring the growing appetite for digital assets among institutional investors.

Thanks to the rise in Bitcoin’s price, and the growing ETF adoption, the Bitcoin ETFs now hold more Bitcoin than Satoshi.

Bitcoin’s role as a hedge against inflation and geopolitical uncertainty has attracted a wave of institutional interest. In a December report, JPMorgan emphasized:

“record capital inflow into crypto markets,” noting that Bitcoin has become “a more important component […] of investors’ portfolios structurally.”

This surge in demand has far-reaching implications. Analysts at Sygnum Bank suggest that institutional inflows could trigger positive demand shocks, potentially driving Bitcoin prices to new highs in 2025. Meanwhile, Cboe Canada’s robust infrastructure and commitment to fostering trust make it an ideal platform for hosting such groundbreaking financial products.

BlackRock’s influence extends far beyond Bitcoin. iShares has been a dominant force in the global ETF landscape. The company’s efforts to tailor investment options are evident in its recent launches, including ETFs targeting mega-cap stocks and blockchain-based financial products.

In November 2024, BlackRock expanded its tokenized fund offering, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), across multiple blockchain ecosystems. This move highlights the company’s commitment to innovation, providing investors with advanced tools for achieving yield and liquidity through decentralized finance.

Cboe Canada, where the new Bitcoin ETF is listed, also plays a pivotal role in the ETF ecosystem. The exchange offers a comprehensive platform for research and analysis, covering over 1,200 Canadian ETFs. Its reputation for reliability and transparency has made it a trusted partner for issuers like BlackRock.