Some major Bitcoin holders are moving coins into spot exchange-traded funds via in-kind creations, converting off-platform BTC into fund shares without selling. This follows the SEC’s July 29, 2025 policy change allowing in-kind creations and redemptions for crypto ETPs, aligning them with commodity ETPs. BlackRock has processed more than $3 billion of such conversions, while Bitwise and Galaxy report growing interest. This tax-neutral method lets investors pledge assets as collateral or incorporate them into estate plans, reflecting a broader shift toward regulated, brokerage-account-based holdings.