The threshold for in-kind conversions has been lowered to $1 million to $2 million, and BlackRock has recorded approximately $3.6 billion in Bitcoin converted into IBIT shares

Odaily News: Robbie Mitchnick, head of digital assets at BlackRock, said that since regulators approved in-kind subscriptions and redemptions, BlackRock has recorded approximately $3.6 billion in directly held Bitcoin being converted into IBIT shares. Because not all transactions are handled by BlackRock, the actual scale may be larger. Mitchnick said this type of demand does not fluctuate with Bitcoin prices, and the main motivation is security and peace of mind. Outsourcing custody to institutional-grade cold storage is seen as lower risk than storing it on trading platforms or in hot wallets; he mentioned that the recent Binance hack incident highlighted platform risks. The minimum threshold for in-kind conversions has been lowered from about $30 million to $1 million to $2 million.