BlackRock lowers threshold for converting BTC to IBIT to $1 million, Bitwise to $3 million

Odaily News: BlackRock has significantly lowered the threshold for investors to directly convert self-custodied BTC into shares of the spot Bitcoin ETF IBIT. Since July this year, the minimum conversion size has been reduced from $25 million previously to $1 million; Bitwise has also lowered its related threshold from $100 million to $3 million. This conversion is completed through "in-kind creation," allowing investors to deliver BTC directly in exchange for ETF shares without first selling BTC and then purchasing the ETF, thereby avoiding immediately triggering capital gains tax from the sale.

Robbie Mitchnick, Head of Digital Assets at BlackRock, stated that IBIT has processed over $5 billion in such conversions cumulatively, up from $3 billion as of October last year. (CoinDesk)