Crypto lender BlockFi on Friday revealed it holds $1.7 billion in shares of the Grayscale Bitcoin Trust, or 5.66% of the market-leading institutional bitcoin investment vehicle.
- BlockFi CEO Zachary Prince previously told CoinDesk the GBTC holdings “add value” to the “marketplace for liquid and illiquid” shares. “There are lending markets related to GBTC,” he said at the time.
- BlockFi's ongoing stake in GBTC is particularly notable due to BlockFi's intentions to launch a bitcoin trust product that directly competes for institutional dollars that might otherwise flow into GBTC.
- Grayscale is owned by CoinDesk parent company Digital Currency Group.