According to CoinMeta, Blackstone has processed $5 billion in direct Bitcoin conversions to ETF. Increasingly, large crypto holders are directly exchanging Bitcoin for shares of exchange-traded funds (ETFs) rather than selling it for cash first. The reduced minimum requirements set by Blackstone and Bitwise, as well as the growing use of Grayscale and 21Shares, have made this process more convenient and extended this model to Ethereum and Solana as well. Blackstone has also expanded its business of Bitcoin swaps in physical form to facilitate the acquisition of ETF.