iShares Bitcoin Trust (Ondo Tokenized) (IBITON)

iShares Bitcoin Trust (Ondo Tokenized), or IBITON, is a token designed to provide economic exposure similar to holding shares of the iShares Bitcoin Trust ETF (IBIT). It is issued through Ondo’s tokenized-assets offering and is not the same thing as buying IBIT through a traditional brokerage account. The project description says the token’s exposure includes reinvestment of any dividends. It does not establish that tokenholders directly own shares in the ETF or have the same rights as its shareholders, so those distinctions matter before using the product. IBIT itself is a Bitcoin-focused exchange-traded fund; IBITON’s value may therefore be affected by Bitcoin’s price as well as by how closely the token tracks its intended exposure. The token is described as being for eligible non-U.S. retail and institutional users, with additional restrictions applying.

IBITON is intended to let eligible users hold an on-chain representation of economic exposure to the iShares Bitcoin Trust. Ondo describes its tokenized stocks and ETFs as supporting minting and redemption around the clock, five days a week, with access to traditional-market liquidity. That description does not mean the token trades continuously on the same schedule as crypto markets, or that every user can mint or redeem it. Eligibility, location, identity checks and other restrictions may apply. The token can be transferred or used through compatible blockchain services, but availability and supported functions depend on the specific network and platform. IBITON is not a Bitcoin token and does not itself represent a direct claim to a set quantity of Bitcoin. Before using it, check the current product terms and understand what rights the token conveys, how its exposure is maintained, and what redemption conditions apply.

IBITON is listed on Ethereum, BNB Chain and Solana. These are separate networks, so a token on one chain should not be assumed to be interchangeable with a token on another without a supported bridge or platform process. Always confirm that a wallet, exchange or application supports the exact network and token contract you intend to use. The reported circulating and total supply were both about 75,632 tokens as of 2026-11-05; no maximum supply was reported. Market figures also change: on that date, the token’s reported price was about $45 and its market capitalization about $3.4 million. These are snapshots, not fixed values or forecasts. A token’s quoted market price can differ from the value of the underlying exposure, particularly where trading is thin. Check current terms and market conditions rather than relying on old figures.

IBITON carries several kinds of risk. Its value may move with Bitcoin and the underlying ETF exposure, but the token may not track that exposure perfectly. Trading volume and liquidity can be limited, which can make it harder to buy or sell at a desired price. Users also rely on the token issuer and the arrangements supporting the product; operational, legal, custody or redemption issues could affect access or value. On-chain use adds smart-contract, network, wallet and transaction risks, including sending tokens to an incompatible address or using the wrong network. Access may be restricted by location or user eligibility, and tokenized exposure does not necessarily provide the same investor protections or shareholder rights as holding an ETF through a regulated brokerage. These risks can compound, and tokenholders could lose some or all of the amount they put in.

To store IBITON, use a wallet that supports the specific chain on which your tokens are held: Ethereum, BNB Chain or Solana. Verify the token’s official contract information through reliable project materials before receiving or transferring it; lookalike tokens and incorrect network selections can result in loss. Keep recovery phrases and private keys offline and private, and never share them with someone claiming they need them to release or verify your tokens. A self-custody wallet gives you control of the keys but also makes you responsible for backups and security. A custodial platform may handle key storage, but it introduces reliance on that provider and its withdrawal rules. Confirm that any wallet or platform supports IBITON itself, not merely the relevant blockchain. Review current product restrictions and redemption terms before deciding how to hold or access the token.