Large bitcoin holders are swapping coins they guard themselves for shares of BlackRock’s iShares Bitcoin Trust (IBIT) at a record pace, the firm’s head of digital assets said Monday, as kidnappings and hacks push security to the top of their list.

“The current moment is the highest we’ve seen at any point,” Robbie Mitchnick told Barron’s, adding that demand for the swaps “has sort of been one way — up.” Of all the reasons clients give, he said, “the single largest one is security and peace of mind.”

The trades are in-kind conversions. A holder delivers bitcoin to the fund through an intermediary and receives newly created IBIT shares, without first selling…

Read more on BitcoinMagazine