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BlockFi Position in GBTC Reaches Disclosure Threshold

Published 27 October, 2020

    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.

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    Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
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