NYDIG: $1.26B BlackRock Bitcoin Trust Block Sale Likely Large Investor Exit, Not Hedge Fund Strategy
By
Francisco Rodrigues
Sesame, salt, and substance. A flagship bake.
Summary
A $1.26 billion block sale of BlackRock's iShares Bitcoin Trust (IBIT) on May 26 was likely driven by a large investor rapidly exiting bitcoin exposure, according to crypto investment firm NYDIG. The off-exchange trade of 29.21 million shares at $43.16 per share represented a 2.3% discount to market price, with roughly $29.5 million in execution costs. NYDIG rejected the alternative theory that the sale was related to a basis-trade hedge fund strategy, citing the large discount and lack of unusual spike in CME bitcoin futures volume.
Key quotes
· 3 pulledA $1.26 billion block sale of BlackRock's iShares Bitcoin Trust (IBIT) this week might have been driven by a large investor seeking a rapid exit from bitcoin exposure rather than the unwinding of a common hedge-fund trading strategy.
The transaction took place on May 26, when 29.21 million IBIT shares changed hands off-exchange at $43.16 per share.
The trade was executed at a $1.01 discount to IBIT's market price of $44.17 at the time, representing a 2.3% concession and roughly $29.5 million in execution costs.
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