Large Bitcoin holders are exchanging their self-held coins for shares in BlackRock's iShares Bitcoin Trust at unprecedented levels. The asset manager has processed roughly $3.6 billion in these in-kind swaps, where investors trade actual Bitcoin for newly created ETF shares without selling to cash. BlackRock's digital assets head says security worries drive the trend, including fears of theft, kidnapping risks, and exchange failures like the recent Binance breach.
The minimum swap size has fallen from $30 million to between $1 million and $2 million, making conversions accessible to more holders. These trades do not bring new capital into Bitcoin markets since holders simply shift existing coins into the fund. IBIT currently manages nearly 796,000 Bitcoin worth approximately $60.4 billion.
Read the full story on BSC News: BlackRock Reports Record Demand From Bitcoin Whales Converting BTC Into IBIT Shares, About $3.6 Billion
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