BlockFi, a major hub for crypto lending, appears to be increasing its courting of institutional bitcoin bets through a new bitcoin trust product.
The trust, revealed in Friday regulatory filings, could put BlockFi in direct competition with Grayscale for bitcoin-friendly Wall Street investorsâ€™ attention and dollars. Grayscaleâ€™s own bitcoin trust is one of the single-largest bitcoin investment vehicles on the market. CoinDesk parent company Digital Currency Group also owns Grayscale.
The â€œBlockFi Bitcoin Trustâ€� has yet to raise any money from investors, according to its U.S. Securities and Exchange Commission filing. Key factors about the fundâ€™s structure were not available at press time. However, the fundâ€™s status as a Rule 506(c) exempt offering gives BlockFi room to market the trust publicly.
Representatives for BlockFi did not immediately respond to CoinDeskâ€™s questions.
BlockFi is the second firm this week to register a bitcoin trust. Valkyrie, which already has $2.3 million in sales, disclosed its fund on Jan. 26. Osprey is also preparing to go live with a bitcoin trust product positioned to be a direct challenger to GBTC.
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