Overview
- BlackRock’s head of digital assets Robbie Mitchnick said more than $3 billion of bitcoin has been converted into iShares Bitcoin Trust (IBIT) through in‑kind creations, according to Bloomberg.
- The in‑kind structure lets authorized participants deliver bitcoin for fund shares without a recorded sale, a setup commonly described as tax‑neutral in coverage of these transactions.
- Some large holders are moving coins from self‑custody to ETF shares held in brokerage accounts to pledge as collateral or integrate into estate plans, Bloomberg reported.
- Analysts and industry voices reported the first notable decline in self‑custodied bitcoin in roughly 15 years as holdings consolidate into regulated custody.
- Other managers are seeing traction, with Bitwise reporting daily client inquiries and Galaxy noting a handful of processed conversions, as international markets roll out regulated spot products in Australia, the UK and Costa Rica.