$11.5 trillion BlackRock launches Bitcoin ETF on CBOE Canada

Once a relatively fringe asset, Bitcoin ( BTC ), the premier cryptocurrency, has steadily garnered mainstream support. However, a crucial turning point was reached with the approval of the first Bitcoin exchange-traded funds ( ETFs ) in early 2024 . This new level of institutional support and increased accessibility provided the leading digital asset with a strong level of support Although still in its early days, the mainstream availability of cryptocurrencies is a critical factor — one which could propel it to become a mainline asset class just like stocks or bonds. At present, it seems like 2025 is off to a good start in this regard — on January 13, BlackRock (NYSE: BLK ), the world’s largest asset manager, which has roughly $11.5 trillion in AUM (assets under management) launched a new BTC ETF in the crucial Canadian market. BlackRock’s iShares Bitcoin ETF is now trading under the IBIT ticker, with U.S. dollar-denominated units trading under the IBIT.U symbol on the CBOE exchange. BlackRock gives BTC a vote of confidence in the middle of a downturn Even accounting for increased institutional adoption, Bitcoin has remained a volatile asset. While more stable than smaller market-cap cryptocurrencies , BTC is still prone to severe price movements — however, it would appear that this factor was not enough to dissuade BlackRock from entering the market. At press time, a single Bitcoin was changing hands at $92,710, after marking a 9.23% drop on the weekly chart, and at risk of dropping below the crucial $90,000 support level . The sudden drop is attributed to profit-taking and macroeconomic factors unfavorable to speculative assets — although BlackRock’s new fund certainly suggests that institutional investors are bullish in the long run. BTC price 1-week chart. Source: Finbold The iShares Bitcoin ETF has provided stellar returns thus far BlackRock’s new ETF will primarily invest in the iShares Bitcoin Trust ETF (NASDAQ: IBIT ). Since the start of 2024, IBIT has provided a 111.93% return — at press time, a single unit of the fund was trading at $52.39. It stands to reason that this new listing will mirror its performance almost completely. IBIT price 1-year chart. Source: Finbold The fund’s price action follows Bitcoin closely — although it experienced a slightly lower drop than the cryptocurrency did in the last 7 days, marking a 7.87% drop compared to BTC’s 9.23%. Beyond those impressive returns, the fund’s primary draw is ease of use — as it provides access to the leading digital cryptocurrency in a simple, straightforward way. Although Bitcoin’s recent trajectory has been quite negative, numerous experts are confident that this is simply a temporary setback — one that is to be followed by a renewed rally that would certainly bode well for BlackRock’s new fund. Featured image via Shutterstock The post $11.5 trillion BlackRock launches Bitcoin ETF on CBOE Canada appeared first on Finbold .