BlockFi Launches Bitcoin Trust To Rival Grayscale (GBTC)

BlockFi Launches Bitcoin Trust To Rival Grayscale (GBTC)

BlockFi has launched its own BlockFi Bitcoin Trust. The company says, its latest Bitcoin service will offer an easier on-ramp for institutions and individual investors to access Bitcoin (BTC).

Similar to the Grayscale Bitcoin Trust (GBTC), the BlockFi Bitcoin Trust will issue shares through private placements, the value of which will reflect the value of BTC held, minus overheads.

The BlockFi Bitcoin Trust launched on 8 February 2020 and currently has $29 million AUM. BlockFi has partnered with custodial firm Fidelity Digital Assets, and the trust offers a competitive 1.75% annual fee, compared with Grayscale’s 2%.

The first round of subscribers to the trust includes BlockFi and a select group of institutions. Once the initial lockup period ends, however, shares may become available on a wide range of recognized OTC brokerage platforms. Read More