BlackRock’s in-kind conversion program has processed more than $5 billion in direct Bitcoin-to-IBIT swaps as of August 2026, up from roughly $3 billion in October 2025, an increase of more than 60% in less than a year. The expansion accelerated after BlackRock reduced the minimum transaction size from $25 million to $1 million in July 2026. The mechanism allows Bitcoin holders to deliver coins through authorized participants, intermediaries that create and redeem ETF shares, and receive IBIT shares without selling Bitcoin on the market. The structure can defer an immediate capital gains tax event while moving custody from the holder to Coinbase, IBIT’s custodian, and placing the exposure in a standard brokerage account. IBIT remains the largest U.S. spot Bitcoin ETF by assets under management and flows. BlackRock’s digital-asset business, led by Robbie Mitchnick, is benefiting from a distribution network supported by more than $10 trillion in total assets across the firm’s platform. The holder’s original Bitcoin cost basis carries over to the IBIT shares, so taxes are deferred rather than permanently eliminated.