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 investors’ attention and dollars. Grayscale’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 “BlockFi Bitcoin Trust” has yet to raise any money from investors, according to its U.S. Securities and Exchange Commission filing. Key factors about the fund’s structure were not available at press time. However, the fund’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 CoinDesk’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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