It just got 25 times easier to move self-custody Bitcoin directly onto Wall Street, and $5 billion already has

- BlackRock slashed its IBIT in-kind conversion minimum from $25M to $1M — a 96% drop — and Bitwise went from $100M to $3M. Five billion has already moved through BlackRock's program. So the whale service just became a wealth-management product, and self-custody quietly became a service choice instead of a personality trait. Grayscale did 62% of June creations in kind, up from 28% in March. The SEC approved in-kind creations in July 2025, and now the friction of sell-wire-rebuy collapses into one transaction. Where's my cut? Because this is the part where custody stops being a slogan and starts being a billable line item — and Wall Street is happy to hold your keys for 0.25% a year.