BlackRock's $1.26B IBIT Sale Likely a Rapid Exit, Says NYDIG

A $1.26 billion block sale of BlackRock’s iShares Bitcoin Trust (IBIT) shares was likely a rapid exit by a large investor, according to crypto investment firm NYDIG. The transaction, executed on May 26, involved 29.21 million IBIT shares sold at a 2.3% discount, indicating a priority on speed over price maximization. NYDIG dismissed the theory that the sale was an arbitrage unwind, citing the lack of unusual CME bitcoin futures volume. The sale occurred amid sustained outflows from U.S. spot bitcoin ETFs, according to CoinDesk.