U.S.-based BlackRock (BLK) is bringing its popular spot Bitcoin (BTC) exchange-traded fund (ETF) to Canada.
The world’s biggest asset manager launched its iShares Bitcoin Trust ETF (IBIT) in the U.S. a year ago, and it has proven to be hugely popular with investors.
To date, the iShares Bitcoin Trust ETF has attracted $50 billion U.S. of investor capital and grown to become the largest of about a dozen spot Bitcoin ETFs that trade on American exchanges.
Now, BlackRock, which has $11.5 trillion U.S. of assets under management, is launching a nearly identical Bitcoin ETF in the Canadian marketplace.
The spot Bitcoin ETF in Canada has the same name and ticker symbol as its U.S. counterpart but is priced in Canadian dollars and trades on a Canadian exchange.
BlackRock said it is making its IBIT ETF available within Canada, in the local currency, because it recognizes that there are investors who want to allocate capital at home rather than abroad.
“Canada is a market where we feel like there is a significant opportunity,” said BlackRock’s Head of Digital Assets Robert Mitchnick in an interview with BNN Bloomberg.
BlackRock’s reputation as the world’s largest ETF manager, and the low management expense ratio of 0.32% that’s charged on its Bitcoin fund, have attracted investors, added Mitchnick.
With excitement around Bitcoin and other crypto rising as president-elect Donald Trump takes office, BlackRock expects more success for its iShares Bitcoin Trust going forward.
BlackRock’s stock has increased 22% in the last 12 months to trade at $963.17 U.S. per share.
