BlackRock’s iShares Bitcoin Trust (IBIT) has processed more than $5 billion in in-kind Bitcoin conversions, while the firm cut the minimum transaction size from $25 million to $1 million in July 2026. Bitwise lowered its comparable threshold from $100 million, through an interim $50 million floor, to $3 million. The reductions bring a service once aimed at the largest institutional holders within reach of more family offices and wealthy clients, allowing qualifying investors to place Bitcoin into ETF custody and receive shares without first selling the coins for cash. The SEC’s July 2025 approval of in-kind creations and redemptions for crypto exchange-traded products ended the previous cash-only restriction. Morgan Stanley and Galaxy have also expanded access through a referral and lending arrangement with a $5 million minimum, while Grayscale and 21Shares report growing use of in-kind transactions. The shift gives holders an alternative to self-custody, which can involve security, inheritance and recovery burdens, but introduces annual fund fees and greater reliance on concentrated institutional custody. US spot Bitcoin ETFs held 1,246,336 BTC, or 5.935% of the total 21 million supply, on Aug. 25, with IBIT holding 765,389.9 BTC and reporting $60.65 billion in net assets. Fresh ETF demand has also remained strong, with US spot Bitcoin funds absorbing $2.57 billion from Aug. 17 through Aug. 25, including $1.82 billion for IBIT.