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BlackRock lowers minimum for bitcoin whales to swap self-custody BTC for IBIT shares to $1 million
According to a Bloomberg report, BlackRock has significantly reduced the minimum value of bitcoin required for direct swaps into its Nasdaq-listed spot BTC ETF, IBIT, from $25 million to $1 million in July. This move, also mirrored by Bitwise cutting its threshold from $100 million to $3 million, is accelerating due to crypto crime, hacks, and custody failures. The “in-kind creation” process allows investors to exchange BTC for ETF shares without incurring capital gains tax from selling their holdings. IBIT has already processed over $5 billion in such swaps.
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