BlackRock has launched a new Bitcoin ETF on Cboe Canada, according to an announcement on Jan. 13. The ETF, called the iShares Bitcoin ETF, will trade under the ticker symbol IBIT, matching its U.S. counterpart, the iShares Bitcoin Trust (IBIT). For shares priced in U.S. dollars, the ticker will be IBIT.U, Cboe Canada has confirmed.

The fund's main purpose is to give Canadian investors access to BlackRock's flagship Bitcoin product, the iShares Bitcoin Trust. The ETF allocates "all or substantially all of its assets" to IBIT. According to Helen Hayes, BlackRock's head of iShares Canada, the ETF provides investors with a simplified way to gain exposure to Bitcoin and avoid the challenges of direct custody and operations.

The new fund joins more than a dozen bitcoin ETFs already listed on Canadian exchanges, according to Nasdaq.

BlackRock's Bitcoin fund draws big inflows
Overall, U.S. Bitcoin ETFs attracted a total of $35 billion in net inflows last year, an average of about $144 million per trading day. However, the market also saw more than $20 billion in net outflows from the Grayscale Bitcoin Trust (GBTC), which was launched in 2013 and has relatively high management fees.

According to Bloomberg Intelligence, the total net assets of U.S. Bitcoin ETFs exceeded $100 billion in November 2024.

Bitcoin ETF Growth Prediction by 2025
Analysts at Steno Research estimate that Bitcoin ETFs will attract an additional $48 billion in net inflows by 2025. They attribute the trend to growing demand for Bitcoin as a hedge against inflation and geopolitical risks.

According to a December report from JPMorgan, Bitcoin is playing an increasingly important role in investment portfolios, noting the "record of capital entering the crypto market." Overall, institutional interest in Bitcoin funds continues to rise, with inflows driving demand for these financial products.