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BlockFi Launches Rival Grayscale Bitcoin Trust

Crypto-lending platform BlockFi has filed an application with the US Securities and Exchange Commission (SEC) to launch the Bitcoin Trust.

If approved by the regulator, the trust will compete with the most famous similar product from Grayscale Investments. Such funds allow you to invest in bitcoin without buying a digital asset directly.

Previously, BlockFi acquired about 5% of the shares of the Grayscale Bitcoin Trust in the interests of clients, which at the end of January has accumulated more than 600,000 BTC worth over $ 20 billion.

According to Block Research estimates, BlockFi generated nearly $ 100M in revenue in 2020 with a gross margin of ~ 30%. The platform manages $ 8 billion in customer assets.

As a reminder, in February last year, BlockFi raised $ 30 million in a Series B funding round led by Peter Thiel’s Valar Ventures.

In August, the company closed its $ 50 million Series C investment round led by Morgan Creek Digital.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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