On August 26, BlackRock significantly lowered the minimum threshold for investors to directly exchange Bitcoin for shares of its spot Bitcoin ETF, IBIT, from the previous $25 million to $1 million. This mechanism uses an 'in-kind creation' model, allowing investors to directly deliver BTC in exchange for ETF shares without the need to sell Bitcoin first, thereby avoiding certain transaction steps and potential tax costs. Reports indicate that Bitwise has also reduced its related conversion threshold from $100 million to $3 million. To date, IBIT has processed over $5 billion in physical conversions, up from $3 billion in October of last year. As concerns about cryptocurrency theft, hacking, and custody risks continue to rise, more large BTC holders are considering converting some of their self-custodied assets into regulated ETF products.
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Institution Plans to Lower Bitcoin Whale ETF Conversion Costs, BlackRock Reportedly Reduces IBIT Minimum to $1 Million
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Hyperliquid Policy Center Urges Unified Perpetual Contract Framework from US SEC and CFTC
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