BlackRock's Bitcoin ETF shares represent economic claims, not direct Bitcoin ownership.

BlackRock's iShares Bitcoin Trust ETF (IBIT) operates through a Delaware statutory trust that legally owns the Bitcoin, with Coinbase acting as custodian holding the private keys. Shareholders hold beneficial interests, meaning they benefit from Bitcoin's price movements but do not own or control the actual coins. This structure separates Bitcoin ownership from BlackRock and restricts shareholders from withdrawing or directly using Bitcoin. The ETF allows investors to gain Bitcoin exposure via shares traded on the stock exchange, suitable for those wanting price exposure without managing private keys. Authorized participants can create or redeem shares by exchanging Bitcoin, influencing the supply but not directly affecting Bitcoin's market price.

The iShares Bitcoin Trust (IBIT) trades at USD 46.15, down 0.94% as of Oct 17, 2026 22:51 WIB on Pluang. BlackRock (BLK) shares are up 1.21% at USD 1,134.38, while Coinbase (COIN) is down 5.79% at USD 173.16. IBIT's market cap is $66.13B, showing strong investor interest in Bitcoin exposure without direct ownership.