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 […]

by Sam Reynolds /

January 29, 2021 01:46 pm

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.

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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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