According to Barron's, Robbie Mitchnick, head of digital assets at BlackRock, said that a growing number of large Bitcoin holders are choosing to convert their self-custodied BTC into shares of BlackRock’s spot Bitcoin ETF (IBIT), with demand for these conversions reaching an all-time high. The main motivations are asset security and peace of mind. The report noted that BlackRock has observed about $3.6 billion in such conversion transactions, though the actual amount may be higher. Investors exchange BTC for ETF shares through in-kind creations, without first selling Bitcoin on the market. Mitchnick previously said that IBIT had facilitated more than $5 billion in such conversions.