$1.26B IBIT Block Trade Likely Fast Exit: NYDIG

A recent $1.26 billion block trade in BlackRock's iShares Bitcoin Trust (IBIT) was likely an expedited exit from Bitcoin exposure, according to NYDIG.

The transaction occurred on May 26 and involved the sale of 29.21 million IBIT shares at a price of $43.16 per share through the FINRA/Nasdaq TRF Carteret facility.

NYDIG's global head of research, Greg Cipolaro, stated that the seller accepted a 2.3% discount, indicating a prioritization of speed and certainty over recovering full market value.

The firm analyzed activity in CME Bitcoin futures at the time of the trade and found no unusual volume spike or matching futures activity.