A massive $1.26 billion sale of BlackRock’s IBIT was likely a rapid exit by a large investor

Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email A massive $1.26 billion sale of BlackRock’s IBIT was likely a rapid exit by a large investor NYDIG, meanwhile, rejected the basis-trade theory, citing the large discount and the lack of an unusual spike in corresponding CME bitcoin futures volume. By Francisco Rodrigues | Edited by Aoyon Ashraf May 31, 2026, 7:41 p.m. 2 min read Make preferred on What to know : A $1.26 billion block sale of BlackRock’s IBIT shares was likely a rapid exit by a large investor, not an arbitrage unwind, according to NYDIG. The seller of the $1.26 billion IBIT block accepted a 2.3% discount ($29.5 million loss), signaling a priority on speed and certainty over maximizing price. NYDIG rejected the "basis trade" theory, citing the large discount and the lack of an unusual spike in corresponding CME bitcoin futures volume. In this article BTC BTC $ 72,150.93 ◢ 2.28 % A $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.