As of June 30, 2022, the portfolio of the BlockFi crypto lending platform included commitments from institutional and retail investors of over $1.8 billion. At the same time, loans for $600 million were unsecured, the company said in a report for the second quarter.
Institutional investors accounted for $1.5 billion of the total liabilities, while retail investors accounted for the remaining $300 million. The company assessed assets based on the market value of bitcoin at $19,986.
BlockFi indicated that over 650,000 accounts with a non-zero balance are registered on the platform. In total, clients hold about $3.9 billion in digital assets in various types of accounts.
In the report, the company noted that it has developed a set of principles that help “maintain the necessary liquidity to meet obligations within the core business.” In particular, BlockFi will keep at least 10% of client funds on the principal balance for immediate redemption of positions at the request of users.
At the beginning of July 2022, BlockFi entered into a deal with the US division of FTX. The Sam Bankman-Fried entity will provide the platform with a $400 million revolving loan and an option to buy it for $240 million.