Bitcoin holders exchange over $5 billion in BTC for BlackRock's IBIT shares

on November 9, according to BeInCrypto, large Bitcoin holders have exchanged over $5 billion worth of BTC for shares in BlackRock's iShares Bitcoin Trust (IBIT). Holders obtained fund units through in-kind exchanges without having to sell their Bitcoin, which may allow them to defer taxes.

Robbie Mitchnick, Head of Digital Assets at BlackRock, stated that factors such as cyberattacks, extortion, and custodial institution failures are driving this trend, and he expects it to continue growing. The report notes that these conversions use existing Bitcoin and do not bring new cash into the market.

U.S. regulators approved in-kind creation and redemption for crypto asset ETFs in July 2025; BlackRock lowered the minimum conversion threshold from $25 million to $1 million in July this year.