Bitcoin Whales Are Swapping Self-Custody For IBIT At Record Pace
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Bitcoin whales exchange their coins for IBIT shares at record pace: fear of hijacking and hacking weighs more than self-custodial. BlackRock entry: fear of hijacking pushes Bitcoin whales to exchange BTC for IBIT to record first appears on Merca2.
Bitcoin Whales Are Swapping Self-Custody For IBIT At Record Pace
Large bitcoin holders are swapping coins they guard themselves for shares of BlackRock’s iShares Bitcoin Trust (IBIT) at a record pace, the firm’s head of digital assets said Monday, as kidnappings and hacks push security to the top of their list. “The current moment is the highest we’ve seen at any point,” Robbie Mitchnick told Barron’s, adding that demand for the swaps “has sort of been one way — up.” Of all the reasons clients give, he said, …
Large holders have handed over more than $5 billion in Bitcoin to BlackRock’s IBIT fund in exchange for shares. The firm’s digital asset manager linked interest to fears of kidnappings, ransoms and custody issues. The exchange itself does not represent a new cash entry into the market, while Bitcoin’s spot ETFs from the United States accumulated net outflows in 2026.
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