[Bitcoin Holders Exchange Over $5 Billion Worth of BTC for BlackRock IBIT Shares] According to a report by BeInCrypto on November 9th, major Bitcoin holders have exchanged over $5 billion worth of BTC for shares of BlackRock's iShares Bitcoin Trust (IBIT). Holders acquire fund shares through physical conversion, without selling Bitcoin, potentially delaying tax payments. Robbie Mitchnick, Head of Digital Assets at BlackRock, stated that events such as kidnappings, extortion, and custodian errors are driving this trend, and he expects it to continue growing. The report notes that these conversions use existing Bitcoin and do not create new cash in the market. US regulators approved physical redemptions of crypto asset ETFs in July 2025; BlackRock lowered the minimum conversion threshold from $25 million to $1 million this July.