BlackRock has lowered the minimum in-kind transfer threshold for its iShares Bitcoin Trust (IBIT) from $25 million to $1 million, representing a 96% reduction. This change enables authorized participants to create or redeem ETF shares using actual Bitcoin instead of cash, with the threshold now aligned with a single basket transaction. IBIT’s current indicative basket represents approximately 22.65 BTC, valued at roughly $1.47 million. With over $48 billion in assets under management, IBIT is the largest spot Bitcoin ETF. The SEC approved in-kind transactions for these products in mid-2025, fundamentally altering how these funds, initially launched in January 2024 as cash-only vehicles, operate.
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