$BITB processed an in-kind creation order this week! To our knowledge, one of the first in history. This is the newly allowed capability where an Authorized Participant exchanges the spot asset (Bitcoin) for ETF shares, rather than paying with cash. In-kind creations & redemptions in bitcoin ETFs unlock the potential for lower transaction costs, tighter spreads, and cheaper all-in fees for ETF investors. As ever, we're excited to continue doing our part to push the space forward. Thrilled about this milestone.