BlackRock sells $405M worth of Bitcoin as IBIT redemptions pile up

The world's largest asset manager offloaded $405.3 million in Bitcoin, but the selling traces back to ETF investors heading for the exits BlackRock sold $405.3 million worth of Bitcoin, according to a post circulating on X. That is a big number from the biggest name in spot Bitcoin ETFs. Before anyone declares that Wall Street has broken up with crypto, the context matters. The selling appears tied to investors pulling money out of BlackRock’s iShares Bitcoin Trust (IBIT). It does not appear to reflect BlackRock deciding Bitcoin is over. Where the Bitcoin went IBIT is the largest spot Bitcoin ETF in the US. In late October 2026, the fund moved sizable chunks of its holdings to Coinbase Prime, the institutional trading arm of the exchange. One transfer involved 3,215 BTC, valued at approximately $262 million. Another moved 1,698 BTC, worth about $136 million. The reason for the move is mechanical. When investors redeem shares of a spot Bitcoin ETF, the fund has to shrink its holdings to match. That means some of the underlying Bitcoin has to go. BlackRock has said these transfers are about adjusting fund holdings to match investor demand. The company says it is not selling on its ow...