BlackRock's IBIT Sees $1.26 Billion Block Sale in One of Bitcoin ETF Market's Largest Single Transactions
On May 26, 2026, a substantial block sale involving 29.21 million shares of BlackRock's iShares Bitcoin Trust (IBIT) was completed for $1.26 billion, representing one of the most significant transactions in the history of spot bitcoin ETFs. The shares were priced at $43.16 each, while the market price for IBIT stood at $44.17, resulting in execution costs of $29.5 million for the seller. NYDIG reviewed the transaction, considering it a basis trade unwind due to the observed discount and minimal CME bitcoin futures activity. The identity of the seller remains unknown, as the block surpassed the publicly disclosed IBIT holdings. Additionally, IBIT experienced $720 million in net redemptions on May 26-27, coinciding with a drop in bitcoin prices and poor ETF performance.
Key facts
- A single block sale of $1.26 billion in BlackRock's iShares Bitcoin Trust (IBIT) executed on May 26, 2026.
- 29.21 million IBIT shares changed hands off-exchange at $43.16 per share, a 2.3% discount to market price of $44.17.
- The seller absorbed approximately $29.5 million in execution costs.
- The transaction was reported through the FINRA/Nasdaq Trade Reporting Facility (TRF) Carteret.
- NYDIG rejected the basis trade theory, citing the large discount and no corresponding surge in CME bitcoin futures volume.
- Only 91 CME bitcoin futures contracts traded during the minute the block was executed.
- The seller could not be identified from public 13F filings as the block exceeded any disclosed IBIT holdings.
- U.S. spot bitcoin ETFs had net outflows every trading day from May 15 through May 29, 2025, with total assets dropping from $107.75 billion to $94.17 billion.
Entities
Institutions
- BlackRock
- iShares Bitcoin Trust (IBIT)
- FINRA
- Nasdaq
- Trade Reporting Facility (TRF) Carteret
- NYDIG
- CME
- U.S. Securities and Exchange Commission
- SoSoValue
- Fairside Investors
- NFT Plazas
Locations
- United States