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BlockFi Position in GBTC Reaches Disclosure Threshold
Published, 27 October, 2020
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JERSEY CITY, N.J.— Oct. 27, 2020—Following the acquisition of a stake in Grayscale Bitcoin Trust (GBTC), BlockFi has submitted a new schedule 13G disclosure with the U.S. Securities and Exchange Commission (SEC). A Schedule 13G form, also known as a beneficial ownership report, is required whenever a person or company acquires more than 5% of any class of a company’s shares.
Grayscale Bitcoin Trust is a market-leading product for exposure to Bitcoin in an SEC-regulated environment. As a leading liquidity provider to the crypto ecosystem through direct spot lending and listed products, BlockFi has seen its participation in GBTC reach a level that meets disclosure thresholds.
“There are lending markets alongside investment opportunities related to the product and our significant participation enables us to add value for our clients and the marketplace for liquid and illiquid GBTC shares,” said Zac Prince, Founder and CEO of BlockFi. “We will continue to partner closely with leading firms and actively participate with regulated products to help grow the Bitcoin and broader crypto ecosystem.”
Launched in 2013, GBTC is currently managing approximately $6 billion in total assets based on the value of all the BTC held in the trust. The trust holds more than 467,000 bitcoins on behalf of clients.
Earlier this year, GBTC became an SEC reporting company after filing a Form 10 with the SEC. Also known as the General Form for Registration of Securities, it is used to register a class of securities for trading pursuant to the Securities Exchange Act of 1934.
GBTC allows investors to gain exposure to BTC in the form of a security without the challenges of buying, storing and safekeeping Bitcoin directly. GBTC is one of the most liquid ways for equity investors to take advantage of BTC’s price movement.
Additional Information and Where to Find It
In connection with the acquisition of GBTC Shares, BlockFi has prepared and filed a Schedule 13G with the Securities and Exchange Commission. Interested persons can read the Schedule 13G by going to the SEC’s website.
Non-Solicitation: This press release is not a solicitation with respect to any securities and shall not constitute an offer to sell or a solicitation or an offer to buy the securities of Grayscale Bitcoin Trust.
Last updated on February 3rd, 2021
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As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.
BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access
BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access
Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.
BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access
BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access
Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.