Bloomberg reported that BlackRock lowered the minimum size for investors to use Bitcoin in kind to subscribe to shares of its spot Bitcoin ETF, IBIT, from $25 million to $1 million in July. BlackRock digital assets head Robbie Mitchnick said the fund has now completed more than $5 billion of these conversions, up from more than $3 billion disclosed in October last year. The mechanism lets investors transfer Bitcoin into a fund holding the same asset and receive ETF shares through authorized participants or market makers. Bitwise has also cut the minimum for similar trades, from $100 million initially to $3 million. Bloomberg said the market infrastructure for moving crypto assets into ETFs has continued to expand since U.S. regulators allowed in-kind creations last summer.
Bloomberg reported that BlackRock lowered in July the minimum trade size for investors to subscribe to shares of its spot Bitcoin ETF, IBIT, using Bitcoin in kind, cutting the threshold from $25 million to $1 million.
BlackRock digital assets head Robbie Mitchnick said IBIT has completed more than $5 billion of these conversions, up from more than $3 billion disclosed in October last year.
The setup allows investors to move Bitcoin into a fund that holds the same asset and receive ETF shares through authorized participants or market makers.
Bitwise has also lowered the minimum for similar transactions, from an initial $100 million to $3 million.
Bloomberg said the market infrastructure for moving crypto assets into ETFs has continued to expand since U.S. regulators allowed in-kind creations last summer.
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