TORONTO - Cboe Canada Inc. has announced the listing of the iShares Bitcoin ETF, managed by BlackRock (NYSE:BLK) Asset Management Canada Limited, on its trading platform. The new exchange-traded fund (ETF), trading under the ticker IBIT for Canadian dollars and IBIT.U for U.S. dollars, is designed to track the performance of Bitcoin, less the expenses and liabilities of the iShares Fund. Currently trading at $52.26, the ETF has demonstrated remarkable performance with a 115.62% return over the past year, according to InvestingPro data.
The iShares Bitcoin ETF (TSX:EBIT) primarily invests in the iShares Bitcoin Trust ETF, which in turn holds Bitcoin as its chief asset. This offering is intended to provide investors with a cost-effective and operationally simpler method to gain exposure to Bitcoin, without the complexities associated with direct ownership. With an average daily trading volume of $51.81M and an excellent InvestingPro Financial Health score of 4.21, the ETF has established itself as a liquid investment vehicle for Bitcoin exposure.
Helen Hayes, Head of iShares Canada at BlackRock, expressed that the launch of the iShares Bitcoin ETF in Canada reflects the company's commitment to innovation and to providing clients with access to a broadening spectrum of investment opportunities.
Cboe Canada, a Tier 1 stock exchange, has been operational since 2015 and is a part of the Cboe Global Markets (NYSE:CBOE) network. It is known for pioneering first-of-their-kind products, including spot crypto ETFs in the United States. Rob Marrocco, Global Head of ETF Listings at Cboe, highlighted Cboe's enthusiasm for continuing its leadership in innovation by listing BlackRock Canada's IBIT ETF.
The addition of the iShares Bitcoin ETF expands the range of investment products available on Cboe Canada, which already includes seven other iShares listings. Cboe Canada is recognized for facilitating a significant portion of all volume traded in Canadian listed securities.
BlackRock, the manager behind iShares ETFs, oversees a global lineup of more than 1,400 ETFs with assets under management totaling approximately $4.2 trillion as of September 30, 2024. The company aims to make investing more accessible and affordable, helping individuals achieve financial well-being. For deeper insights into IBIT's performance and potential, InvestingPro subscribers can access additional analysis, including 7 more exclusive ProTips and comprehensive financial metrics.
This news is based on a press release statement from Cboe Canada Inc.
In other recent news, BlackRock, the world's largest asset manager, has indicated a growing acceptance of cryptocurrencies. The company, which manages $11.5 trillion in assets, recently released an educational video on Bitcoin. This initiative follows BlackRock's suggestion to investors to consider allocating up to 2% of their portfolio to Bitcoin. This advice signifies a rising acceptance of cryptocurrencies within traditional financial portfolios. Bitcoin has experienced a significant increase in its value this year, with a surge of over 150%. Furthermore, BlackRock's ownership of the iShares Bitcoin Trust ETF underscores its burgeoning interest in the digital currency market. These developments are part of recent trends in the company's approach towards digital currencies.
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