iShares Bitcoin Trust (Ondo Tokenized) ibiton

iShares Bitcoin Trust ETF (Ondo Tokenized) is Ondo Finance's onchain representation of the iShares Bitcoin Trust ETF, identified by ticker IBITon. Ondo's asset page names it “IBITon: iShares Bitcoin Trust ETF (Ondo Tokenized),” while Ethereum token tracking identifies the token name as “iShares Bitcoin Trust (Ondo Tokenized).”

It is an Ondo tokenized stock/ETF token issued through Ondo Global Markets (BVI) Limited. Ondo describes these instruments as tokens designed to provide economic exposure to publicly traded securities for eligible non-U.S. investors, rather than direct title to the underlying security.

IBITon is a total-return tracker: the intended economics include exposure to the underlying ETF and reinvestment of distributions, net of applicable withholding tax. Accordingly, one token need not equal one ETF share, and its token price can diverge from the underlying share price over time. The token is an ERC-20 with 18 decimals on Ethereum; Ondo Stocks is also offered across BNB Chain and Solana where supported.

Traditional brokerage access to U.S.-listed ETFs can be difficult for non-U.S. investors because of jurisdiction, onboarding, market-hours, custody, and settlement constraints. Conventional securities also do not naturally plug into smart-contract applications, wallets, or decentralized finance.

IBITon addresses the access and composability problem by putting an ETF-linked instrument onchain. Ondo says its tokenized stocks can be bought in fractional amounts, transferred, and used in DeFi integrations that support them, while minting and redemption are designed to settle atomically.

The product does not eliminate investment or legal risks. It generally requires eligibility and KYC, is not available to U.S. persons through Ondo's platform, can have trading pauses and session restrictions, and does not convey shareholder voting or statutory information rights in the underlying ETF.

Ondo Global Markets issues the token through a bankruptcy-remote special-purpose-vehicle structure. The token obligations are fully backed by the underlying stocks or ETFs together with cash in transit, with additional collateral required for overcollateralization. A U.S.-registered custodial broker-dealer holds the backing assets.

An eligible investor obtains IBITon by purchasing/minting through Ondo or a supported marketplace, and can redeem/sell it for cash or stablecoins at the then-applicable value of the underlying exposure, subject to the product's terms, eligibility, availability, and limits. Ondo states there are no mint or burn fees, though quoted prices can differ from the price at which the underlying is bought or sold.

Ondo supports trading around the U.S. market schedule, generally 24 hours a day on trading days, with exceptions for market sessions, corporate actions, risk controls, and asset-specific availability. Transferability and DeFi use depend on the destination chain, wallet, protocol, and applicable restrictions.

Investor protection relies on independent controls: Ankura Trust Company acts as verification and security agent, reviews holdings daily, and holds a first-priority perfected security interest for tokenholders. Ondo also states that smart contracts were independently audited by Spearbit and Cyfrin and that daily reports, monthly reconciliations, and annual audits are part of the transparency program.