BlockFi has also recently submitted a registration form for a Bitcoin Trust with the SEC, which—if approved—would make it a direct competitor of the Grayscale Bitcoin Trust (GBTC), the largest of its kind at the moment.


On January 21, BlockFi also launched an over-the-counter (OTC) trading desk that institutional investors can use to exchange large amounts of BTC. This method allows big players to conduct massive deals without directly affecting the global market price of an asset.

“Existing institutional clients are already using many of these BlockFi services independently, and have noted the benefits of having a one-stop destination for their digital asset trading and financing needs,” Prince said at the time.

As Decrypt reported, over 15,200 BTC (worth nearly $500 million) was transferred out of crypto exchange Coinbase Pro on Monday. This was likely a prime example of a huge OTC deal, noted some experts. And speculation is rife that it could have gone to Guggenheim’s new Bitcoin trust that was able to open that day.


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