Key takeawaysBlackRock slashed IBIT's in-kind conversion minimum from $25 million to $1 million, a 96% reduction, per Robbie Mitchnick on Bloomberg TV's ETF IQ, August 10, 2026. BlackRock's Head of Digital Assets Robbie Mitchnick confirmed on Bloomberg Television's ETF IQ on August 10 that IBIT's in-kind conversion minimum has been cut from $25 million to $1 million. APs are typically large banks or trading firms licensed to create and redeem ETF shares directly with the issuer. The $1 million threshold is not a retail opening. The Tax Angle Is the Headline Most Coverage SkipsInstitutions sitting on appreciated BTC can now convert into IBIT shares without first selling into cash.