$3.6 billion IBIT conversion observed... BlackRock ($BLK) 'demand highest ever'

BlackRock has observed roughly $3.6 billion in in-kind conversions of spot Bitcoin into shares of its iShares Bitcoin Trust (IBIT), with Robbie Mitchnick, the firm's head of digital assets, telling Barron's that conversion demand from large holders is at an all-time high. Mitchnick attributed the shift primarily to security and peace of mind, framing the move around how Bitcoin is held rather than when it is bought or sold. The $3.6 billion figure reflects only the transactions BlackRock observed, so the true total could be larger since the firm does not process or verify every conversion. The disclosure matters as a signal that large BTC holders are increasingly choosing regulated ETF wrappers over direct custody, and the next thing to watch is whether in-kind conversion volumes into IBIT keep climbing and pull further supply into BlackRock's fund.