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BlackRock and Bitwise slash minimums for in-kind Bitcoin ETF conversions

BlackRock says its in-kind program has processed more than $5 billion and cut the minimum qualifying conversion size from $25 million to $1 million in July.

Reported · Written up by our desk · Market Structure

BlackRock reduced the minimum size for converting privately held Bitcoin into shares of its iShares Bitcoin Trust ETF, cutting the threshold from $25 million to $1 million, according to information reported by Bloomberg and summarized by CryptoSlate.

CryptoSlate also reported that Bitwise lowered its own first in-kind conversion floor from $100 million to $3 million, a 97% reduction, which still places the service within reach of some family offices and wealthy clients, but not most retail investors.

The companies are describing in-kind creation as a way to preserve exposure to Bitcoin while moving the coins into the fund’s custody framework, avoiding a separate process of selling, wiring funds, and repurchasing ETF exposure.

CryptoSlate noted that the SEC approved in-kind creations and redemptions for crypto exchange-traded products in July 2025, ending an earlier cash-only restriction, and that the conversion process relies on authorized participants and eligible clients.

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