BlackRock Cuts IBIT In-Kind Redemption Minimum to $1M as Spot Bitcoin ETFs Gain Traction
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BlackRock's cut of IBIT's in-kind (physical) BTC creation/redemption minimum from $25M to $1M materially lowers frictions for large holders to shift from self-custody into regulated ETF exposure, reducing operational and potential tax-related costs. Bitwise's similar move reinforces an industry-wide push. Rising cumulative in-kind conversions at IBIT signals deepening institutional usage and could improve ETF liquidity and arbitrage efficiency around BTC.
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BlackRock has reduced the minimum size required for investors to redeem shares of its spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), for bitcoin directly, lowering the threshold to $1 million from $25 million, Coindesk reported on Aug. 26, cited by ChainThink.
The change applies to IBIT's "physical creation and redemption" (in-kind) process, under which investors can deliver BTC to receive ETF shares, avoiding the extra step—and potential tax impact—of selling bitcoin and then buying the fund.
Bitwise has made a similar move, cutting its in-kind conversion minimum from $100 million to $3 million. IBIT has processed more than $5 billion in physical conversions to date, up from $3 billion in October last year.
With crypto theft, hacking and custody risks in focus, more large BTC holders are weighing shifting part of their self-custodied positions into regulated ETF products to lower transfer friction and strengthen asset security.
