BlockFi launches a competitor to Grayscale’s Bitcoin Trust

The crypto lending platform BlockFi has launched the Bitcoin Trust investment fund. This is reported in пресс-релизе.

At the end of last month the company filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a new fund aimed at ‘institutional and other квалифицированных инвесторов‘.

“The trust will issue shares through private placements. Its investment objective is for the share price to reflect the value of BTC held by the trust, net of its expenses and other liabilities,” BlockFi representatives said.

The company emphasised that, in the near future, the new product will be available to accredited private investors in the United States.

Custodial services for the fund will be provided by Fidelity Digital Assets, Fidelity Investments’ cryptocurrency-focused unit. Coin Metrics will provide indexes and price data, and Grant Thornton LLP will serve as auditor.

The BlockFi Management subsidiary will charge an asset-management fee of 1.75%.

Back in October last year, BlockFi acquired 5.07% of the shares of the Grayscale Bitcoin Trust.

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