According to BlackRock's head of digital assets Robbie Mitchnick, large bitcoin holders are converting their self-custody coins into shares of iShares Bitcoin Trust (IBIT) at record levels as of November 2026. The firm reported $3.6 billion in in-kind conversions, with the real figure potentially higher since BlackRock does not process every transaction. Mitchnick told Barron's that security concerns represent the primary motivation, stating "the single largest one is security and peace of mind," citing kidnappings, ransoms, and custody failures driving the trend.

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