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BlackRock’s IBIT passes $5B in Bitcoin conversions
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BlackRock’s IBIT passes $5B in Bitcoin conversions

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  • BlackRock’s IBIT has processed more than $5 billion in Bitcoin spot conversions, according to a Bloomberg report cited by BitcoinWorld.
  • The figure has increased from about $3 billion recorded in October last year.
  • The increase reflects investors moving some Bitcoin holdings into regulated exchange-traded products.

BlackRock’s IBIT has processed more than $5 billion in Bitcoin (CRYPTO:BTC) spot conversions, according to a Bloomberg report cited by BitcoinWorld.

The figure has risen from about $3 billion recorded in October last year, according to the report.

The article says investors are moving some Bitcoin holdings from direct ownership into exchange-traded funds.

BitcoinWorld cited lower conversion minimums and reduced self-custody risks as factors behind the shift.

The report also said Bitwise’s BITB has recorded a similar trend, while Morgan Stanley’s MSBT gained about 5% to 7% of assets through conversions.

The movement could change how investors hold Bitcoin, although the article says its broader market impact remains uncertain.

The report said Bitcoin ETF conversion activity could continue growing as asset managers lower barriers and investor demand develops.

At the time of reporting, Bitcoin price was $79,036.34.

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