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.
- 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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