iShares Bitcoin Trust ETF
IBIT
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- iShares Bitcoin Trust (IBIT) is a spot Bitcoin exchange-traded fund (ETF) sponsored by iShares Delaware Trust Sponsor LLC, an affiliate of BlackRock, Inc., that seeks to reflect the performance of the price of bitcoin, as measured by the CME CF Bitcoin Reference Rate - New York Variant. The Trust holds bitcoin directly, with 100% of its portfolio allocated to bitcoin and nominal USD cash holdings, enabling investors to gain exposure to bitcoin through shares traded on the NASDAQ exchange without the operational complexities of direct cryptocurrency custody. Launched on January 5, 2024, the Trust is headquartered at 55 East 52nd Street, New York, New York, and operates primarily in the United States, serving institutional and retail investors seeking digital asset exposure via standard brokerage accounts. The Trust's core offerings include creation and redemption of shares in baskets of 40,000 shares, backed by physical bitcoin deposits or withdrawals facilitated through authorized participants and custodians such as Coinbase Custody Trust Company, LLC; ongoing portfolio management to track the benchmark index, net of a 0.25% sponsor fee; and daily NAV calculations based on the CF Benchmarks Index price at 4:00 PM ET. It provides bitcoin price exposure with features like indicative basket bitcoin amounts (currently 22.70 bitcoin per basket) and basket amounts valued at approximately $2.59 million, supporting high liquidity with average daily volumes exceeding 47 million shares and net assets surpassing $87 billion as of late 2025. The structure as a grantor trust exempts it from registration under the Investment Company Act of 1940 and commodity pool rules under the Commodity Exchange Act. Recent developments include the amendment of its Prime Broker Agreement with Coinbase on September 16, 2024, to enhance operational efficiency by shortening withdrawal processing times from the Trust's vault and trading balances to public blockchain addresses, subject to trade credit provisions. In August 2024, the Trust transitioned from its prior structure to full ETF status via an SEC 8-K filing, renaming to iShares Bitcoin Trust ETF to improve liquidity and trading accessibility for investors. Notably, in November 2025, the State of Texas allocated $10 million to a Strategic Bitcoin Reserve under Senate Bill 21, purchasing $5 million in IBIT shares at an approximate $87,000 per bitcoin basis as an interim custody measure pending direct holdings procurement in 2026, marking a significant institutional adoption milestone. These changes underscore the Trust's expanding role in mainstream finance amid growing sovereign and corporate bitcoin treasury strategies.