American investment management firm BlackRock Inc has advanced the market reach for its Exchange-Traded Fund (ETF) product, the iShares Bitcoin Trust (IBIT). As the firm announced on January 13, the BTC ETF product launched on CBOE Canada. This move came just a year after the BlackRock ETF went live in the U.S. The BlackRock ETF In Canada The firm announced that the Canada variant will trade under iShares Bitcoin ETF. It will also trade under the IBIT ticker symbol. As BlackRock pointed out, the Canadian offshoot will invest a substantial portion of its funds in the US-traded ETF. The Canadian Bitcoin ETF seeks to track Bitcoin’s performance pending the payment of its operational expenses and liabilities. While the BlackRock Bitcoin ETF is one of the seven ETF products trading in Canada, the asset manager said users can gain different exposure to the BTC offering. These channels include discount brokerage platforms and full-service dealers in the country. “The iShares Fund provides Canadian investors with a convenient and cost-effective way to gain exposure to bitcoin and helps remove the operational and custody complexities of holding bitcoin directly,” said Helen Hayes, Head of iShares Canada, BlackRock. The iShares Bitcoin ETF Milestone Bitcoin ETF launched in the United States in January of last year after about a decade of denial by the U.S SEC. The IBIT AUM crossed the $50 billion milestone in December and is currently worth $52 billion. The BlackRock BTC ETF has toppled some physical gold ETF milestones in 52 weeks of trading. Per an earlier Coingape report, four spot Bitcoin ETF products now rank among the t op 20 best ETF launches . The success of ETF products hinges on their wide adoption by top asset managers worldwide. While BlackRock holds shares in its Bitcoin ETF, other top firms, such as Morgan Stanley and Wells Fargo, also have exposure. While he has to divest his holdings, Treasury Secretary nominee Scott Bessent is also exposed to IBIT. Birth of New Crypto ETF Products The emergence of spot Bitcoin ETF products has also led to the launch of Ethereum funds. These funds have inspired the emergence of other crypto ETF products. The offerings lodged with the U.S SEC include Litecoin ETF, Solana ETF, and XRP ETF, respectively. Notably, the Gary Gensler-led US SEC showed reluctance to altcoin-based ETF products. However, the potential confirmation of Paul Atkins as the next Chairman of the SEC might change the prospect of these crypto ETF products. Multiple experts say Solana and XRP ETF applications may gain approval this year. The post BlackRock Launches Bitcoin ETF Variant on CBOE Canada appeared first on CoinGape .
