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BlockFi launches rival bitcoin trust from Grayscale Investments

BlockFi crypto-lending platform has launched Bitcoin Trust investment fund. This was announced in a press release.

Late last month, the company filed an application with the US Securities and Exchange Commission (SEC) to launch a new fund targeting “institutional and other qualified investors.”

“The trust will issue shares through private placements. Its investment goal is for the value of the shares to reflect the value of the BTC under the trust, minus its costs and other obligations, ”said BlockFi representatives.

The company stressed that in the near future the new product will become available to accredited private investors from the United States.

Fidelity Digital Assets, the cryptocurrency-focused arm of investment giant Fidelity Investments, will provide custody services to the fund. Coin Metrics will provide indices and price data, while Grant Thornton LLP will act as auditor.

Subsidiary BlockFi Management will charge a 1.75% fund asset management fee.

Recall that in October last year, BlockFi acquired 5.07% of the shares of the bitcoin trust Grayscale Investments.

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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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