The iShares Bitcoin Trust (IBIT) is an exchange-traded fund (ETF) that directly tracks the spot price of Bitcoin, managed by BlackRock and listed on the Nasdaq exchange. It allows investors to gain indirect exposure to Bitcoin by purchasing ETF shares without dealing with technical aspects like managing cryptocurrency wallets or securing private keys. The fund holds physical Bitcoin as its underlying asset, custodied by Coinbase Custody, and charges a 0.25% annual management fee.