Bitcoin whales quietly embrace BlackRock ETF following SEC rule change
Bitcoin’s biggest holders are moving billions into ETFs like BlackRock’s IBIT, signaling a new phase of institutional adoption.
Large Bitcoin holders who accumulated the cryptocurrency early, commonly known as whales, are increasingly moving their holdings into exchange-traded funds (ETFs), with asset managers such as BlackRock actively courting them.
In an interview with Bloomberg, Robbie Mitchnick, BlackRock’s head of digital assets, said the company has already facilitated more than $3 billion worth of these conversions into its iShares spot Bitcoin ETF (IBIT).
After years of self-custody, many whales are recognizing “the convenience of being able to hold their exposure within their existing financial adviser or private-bank relationship,” Mitchnick said.