BlackRock's IBIT Tops 765,000 BTC as Bitcoin Jumps 20% in a Week

According to ME News, as of Aug. 26 (UTC+8), Bitcoin has climbed about 20% over the past week, pushing above $80,000 for the first time since May. Robbie Mitchnick, BlackRock's Head of Digital Assets, said the firm's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), is poised to keep expanding as BlackRock broadens access and allocation channels for investors seeking Bitcoin exposure. BlackRock recently cut the minimum amount required for investors to exchange Bitcoin directly for IBIT shares to $1 million from $25 million. The in-kind conversion mechanism lets eligible investors swap BTC holdings for ETF shares without selling Bitcoin in the open market, potentially reducing capital-gains taxes that could be triggered by a sale. Since launch, IBIT has become the fastest-growing ETF across multiple asset-size milestones. It now holds more than 765,000 BTC, worth about $60 billion. Mitchnick added that real-world risks—including kidnapping, ransomware and custody failures—are prompting some holders to move part or all of their self-custodied Bitcoin into ETFs. Reports of recent attacks targeting certain Coldcard hardware wallets have heightened concerns around the security of self-custody. Market data shows the 13 U.S. spot Bitcoin ETFs, led by IBIT, posted their strongest weekly inflows in nearly 10 months. Talos researchers said Bitcoin's latest 23% advance and the accompanying spike in volatility are among the largest on record, patterns that have often preceded above-average short- to medium-term returns. They contrasted the current move with the May breakout, which lacked ETF-driven demand and later reversed, arguing this rally is being underpinned by structural buying pressure not previously seen. (Source: ChainCatcher)