Bitcoin holders swap more than $5 billion in BTC for BlackRock IBIT shares

TechFlow reported on Nov. 9 that, according to BeInCrypto, large Bitcoin holders have exchanged more than $5 billion worth of BTC for shares of BlackRock's iShares Bitcoin Trust (IBIT). Holders received fund shares through in-kind conversions without selling Bitcoin, potentially deferring taxes.

BlackRock's head of digital assets, Robbie Mitchnick, said events such as kidnappings, extortion, and custodian failures have been factors driving the trend, and expects the trend to continue growing. The report noted that these conversions use existing Bitcoin and will not bring new cash into the market.

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

Source: TechFlow