Bitcoin
Delaware Trust Structure Governs Asset Ownership in BlackRock Bitcoin ETF
An examination of BlackRock's iShares Bitcoin Trust details how its legal entity holds title to the underlying coins while Coinbase serves as key custodian.
Investors purchasing shares in BlackRock's iShares Bitcoin Trust ETF (IBIT) do not hold legal title to the underlying bitcoin, nor does the fund manager hold the assets on its corporate balance sheet. Instead, the product operates as a Delaware statutory trust that holds legal ownership of every token on behalf of participants. Shareholders hold beneficial interests that reflect the economic performance of bitcoin, but they cannot withdraw the underlying assets and must sell their shares for cash on an exchange to exit.
Under this arrangement, Coinbase Custody acts as the custodian responsible for safeguarding the private keys that control the trust's assets. BlackRock serves as the fund sponsor, handling daily operations, managing service providers, and collecting management fees. The asset manager oversaw roughly $13.9 trillion across its affiliates as of March 31, 2026.
As of mid-October 2026, bitcoin traded around $81,497—roughly 35% below its peak of $126,080—while IBIT shares closed near $46.
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