BlockFi to Launch a Competitor to Grayscale’s Bitcoin Trust

The crypto-lending platform BlockFi has filed with the U.S. Securities and Exchange Commission (SEC) заявку on the launch of the investment fund Bitcoin Trust.

If approved by the regulator, the trust would become a competitor to Grayscale Investments’ best-known such product. Such funds allow investors to gain exposure to bitcoin without directly purchasing the digital asset.

Earlier BlockFi acquired for clients about 5% of the shares of Grayscale Bitcoin Trust, which as of the end of January had accumulated more than 600,000 BTC worth over $20 billion.

According to Block Research, in 2020 BlockFi generated revenue of nearly $100 million with gross profit of around 30%. The platform manages client assets of about $8 billion.

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

In August the company closed a Series C financing round for $50 million with Morgan Creek Digital leading.

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