BlackRock's Head of Digital Assets: Driven by security concerns, Bitcoin whales are converting their holdings into IBIT shares at a record pace. A recent surge in kidnappings and hacking incidents has driven up this demand. Speaking in an interview with Barron's, BlackRock executive Robbie Mitchnick stated that client demand for in-kind conversions is at an all-time high and continuing to rise in a one-way trend. He pointed out that, out of concerns for physical safety and custody risks, large holders are transferring self-custodied Bitcoin directly to the fund via intermediaries in exchange for newly created IBIT shares. It is estimated that BlackRock has processed $3.6 billion in such conversions.