U.S.-based BlackRock (BLK), the world’s largest asset manager, is launching a spot Bitcoin (BTC) exchange-traded fund (ETF) in Canada.
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BlackRock debuted its iShares Bitcoin Trust ETF (IBIT) in the U.S. a year ago, and it has proven to be a big success, attracting $50 billion of investor capital and becoming the largest of about a dozen spot Bitcoin ETFs that are traded on American markets.
Now, BlackRock, which has $11.5 trillion of assets under management, is launching a nearly identical Bitcoin ETF in the Canadian market. 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 stock exchange.
Expanding Northward
BlackRock said it is making its IBIT ETF available in Canada 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 a television interview.
BlackRock’s reputation as the world’s largest ETF manager, and the low management expense ratio of 0.32% that’s charged on its spot Bitcoin fund, have attracted investors, says Mitchnick. With excitement around Bitcoin and other cryptocurrencies growing as president-elect Donald Trump takes office, BlackRock expects more success for its iShares Bitcoin Trust – both in the U.S. and Canada.
BLK stock has gained 24% in the last 12 months.
Is BLK Stock a Buy?
The stock of BlackRock has consensus Strong Buy rating among 13 Wall Street analysts. That rating is based on 12 Buy and one Hold recommendations assigned in the past three months. The average BLK price target of $1,147.54 implies 19.41% upside from current levels.
