Jinse Finance reported on November 10, 2026, that Robbie Mitchnick, head of BlackRock’s digital-asset business, said BlackRock has recorded about $3.6 billion of directly held bitcoin converted into shares of the iShares Bitcoin Trust (IBIT) since regulators approved in-kind creation and redemption.
Recorded conversions
Mitchnick said the roughly $3.6 billion figure is what BlackRock itself has recorded. He added that the actual amount may be larger because not every transaction is processed by BlackRock. The report does not give a date for the regulatory approval or a breakdown of who converted bitcoin.
Stated motive
According to Mitchnick, this demand does not move with the bitcoin price. He said the main motives are security and peace of mind, and that outsourcing custody to institutional-grade cold storage is viewed as lower risk than leaving bitcoin on an exchange or in a hot wallet. He cited a recent Binance hack as an example of platform risk. The report gives no further details of that incident.
Lower minimum
The minimum for an in-kind conversion has been cut from about $30 million to $1 million–$2 million. The original report does not say when that change took effect or which parties it covers.
Boundary of the report
The only quantified flow in the report is BlackRock’s recorded total of about $3.6 billion, with Mitchnick’s caveat that the broader total could be higher. His comments tie the activity to custody concerns rather than to price. They are his characterization, not a forecast, and the report supplies no new price data, holder-level totals, or timetable for the lower threshold.
Jinse Finance live report, November 10, 2026, 16:25 (UTC+8). This article restates that report and does not add later developments.
