BlackRock lowered the minimum for converting privately held Bitcoin into its IBIT ETF shares from $25 million to $1 million, a 96% reduction, while Bitwise cut its threshold from $100 million to $3 million, a 97% reduction. More than $5 billion has already flowed through BlackRock’s in-kind conversion program. This conversion allows wealthy Bitcoin holders to place their coins into the ETF’s institutional custody in a single transaction, avoiding execution costs and potential tax deferral tied to selling, wiring dollars, and repurchasing through an exchange-traded fund. US spot Bitcoin ETFs now hold approximately 1.25 million BTC, representing nearly 6% of the total supply of 21 million coins.
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