Bitcoin Holders Get 96% Cheaper Entry Into BlackRock’s ETF Without Selling

Bitcoin holders no longer need $25 million to swap coins into the BlackRock Bitcoin ETF. The minimum just fell to $1 million, opening a direct route into iShares Bitcoin Trust (IBIT) without selling first.

Robbie Mitchnick, BlackRock's head of digital assets, revealed the cut on Bloomberg's ETF IQ show on August 10. He said the firm wants to push the bar even lower over time.

A Lower Bar for the BlackRock Bitcoin ETF

Bloomberg ETF analyst Eric Balchunas flagged the change after the broadcast. Until now, the door stood open only to the very largest holders.

The swap runs through authorized participants, the big trading firms that create and redeem ETF shares. A holder hands over Bitcoin and receives IBIT shares in return. No sale takes place. The route also works in reverse.

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