19:43
BlockFi Registers the ‘BlockFi Bitcoin Trust’ with the SEC to Compete With Grayscale’s GBTC

Crypto lending service provider BloackFi has filed for a Bitcoin Trust with the US Securities and Exchange Commission (SEC).

The ‘BlockFi Bitcoin Trust’ has yet to raise money from investors, but as a Rule 506(c) exempt offering, it would be able to offer the product publicly.

With this trust, BlockFi will directly compete with Grayscale’s Bitcoin Trust (GBTC), whose investors are predominantly institutions. Grayscale is the largest digital asset manager currently holds 648.47k BTC, representing approximately 3.5% circulating supply of Bitcoin.

The premium of GBTC is currently down at 3.52% from the highs of over 40% on Dec. 22nd and much lower than over 130% in the summer of 2017.

BlockFi currently caters to both retail and institutional clients. It has more than $8 billion in total client balances and over 125,000 funded accounts.

The firm reported about $100 million in revenue in 2020, which was an increase of 22x from the previous year.

Besides BlockFi, this week, another firm Valkyrie which has $2.3 million in sales, registered a Bitcoin trust.

Sourse: bitcoinexchangeguide.com

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Category: News | Views: 135 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoi Price #BTC | Rating: 0.0/0
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