A $1.29 billion dark-pool block trade in BlackRock's iShares Bitcoin Trust (IBIT) crossed on Nasdaq Tuesday morning — the largest single institutional block of the ETF on record. The trade executed at 10:30 a.m. ET at $43.16 per share, and bitcoin stayed flat above $75,000 throughout.
A $1.29 billion block
The transaction was reported as the biggest institutional block trade for BlackRock's Bitcoin ETF since the fund launched. At $43.16 a share, the block represents roughly 29.9 million shares — a position that would take most retail traders weeks to accumulate. The trade was executed through a dark pool, meaning it didn't hit the public order book and likely had minimal market impact.
Inside the dark pool
Dark pools let large investors trade big blocks without tipping off the broader market. Nasdaq facilitated the trade, though the identity of the buyer and seller isn't public. The price of $43.16 per share is in line with IBIT's recent trading range, which hovered around the same level since mid-May.
Bitcoin stayed flat
Bitcoin's price barely budged during the trade — it remained above $75,000, roughly where it had been all morning. That's unusual for a block this size, but dark pool mechanics are designed exactly for that: keep the price stable while a big order passes through. The market barely noticed.
Whether this trade signals a larger institutional rebalancing or just a one-off shift isn't clear. But it's the biggest IBIT block to date, and that alone makes it notable.
