BlackRock Asset Management launched its first Canadian Bitcoin ETF on Cboe Canada, supporting the asset management firm's push to simplify crypto exposure for everyday investors.

The iShares Bitcoin ETF (iShares Fund) has begun trading under the IBIT ticker in Canadian dollars and IBIT.U in U.S. dollars, targeting investors seeking Bitcoin exposure without the usual complexities of direct crypto ownership.

Such an investment product "helps remove the operational and custody complexities," Helen Hayes, Head of iShares Canada for BlackRock, said in a statement on Monday.

Notably, the iShares Fund invests "all or substantially all of its assets" in the iShares Bitcoin Trust ETF in the U.S.

The fund allows investors to hold Bitcoin exposure in tax-advantaged accounts through traditional brokerage platforms in a bid to address certain concerns investors have, including custody and exchange account requirements.

BlackRock's entry brings institutional credibility to Canada's crypto market, with the fund joining seven other iShares listings on Cboe Canada. The exchange facilitates 15% of Canada-listed securities trading volume, per the statement.

Younger investors, consistent growth

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