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

Crypto lender BlockFi has become one of Grayscale Bitcoin Trust’s (GBTC) biggest whales.

BlockFi holds 5.07% of Grayscale’s $4.8 billion bitcoin trust, or 24,235,578 GBTC shares, according to Tuesday Securities and Exchange Commission (SEC) filings. Grayscale is owned by CoinDesk's parent firm Digital Currency Group.
CEO Zac Prince said in a press statement BlockFi’s “significant” GBTC position will “add value” to the “marketplace for liquid and illiquid” shares. “There are lending markets related to GBTC,” he told CoinDesk in an email.
Crypto fund manager Three Arrows Capital is the only other entity with comparable GBTC holdings, having amassed over 21 million shares by June. That represented a 6.26% stake in GBTC at the time.
Entities are required to publicly disclose ownership positions over the 5% threshold. GBTC became an SEC reporting company in January.

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