Bitwise has reached $600 million in in-kind deals tied to its Bitcoin ETF, according to Matt Hougan, a milestone the firm is highlighting as a marker of growing adoption of in-kind transfers into spot Bitcoin funds.
Bitwise has reached $600 million in in-kind deals tied to its Bitcoin ETF, according to Matt Hougan, a milestone the firm is highlighting as a marker of growing adoption of in-kind transfers into spot Bitcoin funds.
The figure was attributed to Hougan, chief investment officer at Bitwise, in materials the asset manager has circulated around its Bitcoin ETF in-kind program. Bitwise shared the milestone through its own channels, including a post from the @BitwiseInvest account on X. For related coverage, see Strategy to Resume Bitcoin Buying After Seven-Week Pause, CEO Phong Le Says.
The claim refers specifically to in-kind deals routed into the Bitcoin ETF, not total fund assets or overall inflows. As of this writing, the $600 million figure rests on Bitwise’s own statements rather than independently verified reporting. For related coverage, see New Bitcoin Addresses Jump After Coldcard Exploit.
What In-Kind Transfers Mean for Advisors
An in-kind transfer lets an investor move Bitcoin directly into an ETF, or shares out of one, without first converting the position to cash. Bitwise has framed the mechanic as a way for advisors to bring existing Bitcoin holdings onto a regulated ETF wrapper, a theme it explored in a webinar on in-kind transfers for advisors. For related coverage, see Trump Media Increases Bitcoin Holdings to 14,139 BTC From 9,542 in Q1.
For advisors, the appeal is operational. In-kind movement can simplify how client Bitcoin is custodied and reported once it sits inside an ETF, an angle industry coverage has described in a feature on the mechanics of in-kind Bitcoin ETF activity.
Bitwise’s push here fits a broader positioning from the firm around ETF adoption. Hougan has separately argued that onchain finance can help lift crypto out of its bear market, a stance consistent with the firm’s focus on making Bitcoin more accessible through regulated products.
What the Milestone Could Signal
Read narrowly, $600 million in in-kind deals points to demand for moving Bitcoin into ETF form rather than buying fresh shares with cash. That is a signal about how holders are choosing to access the product, not a confirmed measure of total fund size.
Wider claims about market share or competitive standing fall outside what the available evidence supports. Bitwise’s disclosures and industry commentary describe the mechanic and the figure, but do not establish where the firm sits against rivals.
The context matters against a market where ETF flows have swung sharply, with spot funds at times posting multi-week inflow highs even as Bitcoin’s price dropped. In-kind activity offers a different lens on adoption than headline dollar flows, though the two are not directly comparable.
For now, the takeaway is measured: Bitwise says its Bitcoin ETF in-kind deals have hit the $600 million mark, and the firm is presenting that as evidence its advisor-focused approach is gaining traction.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
