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BlackRock Executive Sees Record Demand to Convert Bitcoin Into IBIT

In-kind contributions let holders exchange BTC for ETF shares without selling Bitcoin on the market.

By Enna Lee
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An unmarked hardware wallet rests beside an open steel safe / TokenPost.ai
An unmarked hardware wallet rests beside an open steel safe / TokenPost.ai

Large Bitcoin holders are moving self-custodied Bitcoin (BTC) into shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT), with demand for the conversions at its highest level yet, BlackRock digital assets head Robbie Mitchnick said.

The transactions use in-kind contributions, letting holders exchange BTC for ETF shares without first selling the Bitcoin on the market.

Mitchnick said security and peace of mind were the leading motives for the shift.

Enna Lee

Reporter

Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.

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