BlockFi Registers Bitcoin Trust With SEC

BlockFi is the latest company to signal its intent to offer a Bitcoin trust investment vehicle, filing the initial documents with the Securities and Exchange Commission Friday morning.  BlockFi did not disclose the range of the asset values that will be […]

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key takeaways

  • The trust will be offered under Rule 506(c) framework
  • The size of trust and premiums are currently unknown

BlockFi is the latest company to signal its intent to offer a Bitcoin trust investment vehicle, filing the initial documents with the Securities and Exchange Commission Friday morning. 

BlockFi did not disclose the range of the asset values that will be placed in trust. For the sake of comparison, Grayscale’s bitcoin trust has over $20 billion in assets. Toronto-based Ninepoint Partners recently established a bitcoin trust with an asset value of $180 million ($230 million CAD). 

BlockFi’s trust will be offered under the SEC’s 506c rule, a common legal framework used to issue private placements in funds and trusts. However, this will limit participation in the trust to accredited investors. 

The New Jersey-based BlockFi has raised $158.7 million to date and has said it plans to go public in the second half of 2021 through a special purpose acquisition company.

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