BlockFi Takes 5% Stake in Grayscale’s $4.8B Bitcoin Trust

The cryptocurrency financial services firm Blockfi has launched a bitcoin-based trust that offers custody from Fidelity Digital Asset Services. Blockfi’s investment vehicle aims to give investors exposure to the leading crypto asset as bitcoin assets under management (AUM) was over $29 million on February 8, 2021. Blockfi Launches a Competitive Bitcoin Trust With a Sponsor Fee of 1.75% On Tuesday, the lender and financial services company Blockfi launched its bitcoin trust as it is managed by Blockfi Management LLC, a wholly-owned subsidiary of Blockfi. The trust will charge a....

The disclosure comes as BlockFi prepares to launch a competitor bitcoin trust product.

BlockFi is the latest firm to go up against Grayscale's behemoth bitcoin trust.

The New York Stock Exchange (NYSE) has submitted a proposed rule change aimed at allowing the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust (EZET) to stake their ETH holdings.  This proposal is particularly noteworthy because it seeks to enable the trusts to earn rewards on their staked ETH while ensuring that the […]

Grayscale is on track to control 5% of the entire Bitcoin circulating supply by the end of 2021 with a record $215 million inflow last week. Grayscale’s Bitcoin (BTC) Trust is on track to reach 500,000 BTC by the end of 2020. Last week, Grayscale saw a record inflow of $215 million (15,907 BTC) that surpassed all previous investments into the Trust. The firm now holds $6.7 billion (481,711 BTC) as of the time of writing.Should the firm continue last month’s growth-rate of 32,000 BTC, Grayscale in on track to hold 500,000 BTC (2.7% of circulating supply) within three weeks. By the end of....