BlockFi seeks key hires for new asset management unit amid hiring spree

BlockFi, the Peter Thiel-backed crypto lending business, is seeking to fill a pair of senior asset management roles, a move that highlights the firm's broader ambitions in the space.

The startup is seeking a head of asset management and a head of trust products, both to be based in New York.

BlockFi, which is currently raising $150m at a $2.85bn valuation, is advertising more than one hundred open jobs across North America, Europe, Singapore and Hong Kong. 

The head of trust products will bear responsibility for managing the BlockFi Bitcoin Trust. The trust was first unveiled on February 9.

The trust provides investors with a vehicle through which to gain exposure to bitcoin, much in the way the Grayscale Bitcoin Trust does. Grayscale’s marquee trust product recently topped $30 billion in assets under management, according to data compiled by The Block.

BlockFi’s trust will issue shares via private placements, and these shares will correspond to the value of the bitcoin held in the trust. The shares will initially be made available to institutional investors – including to BlockFi Management LLC, a BlockFi subsidiary – and later on to accredited individuals. Fidelity Digital Asset Services will provide custody services.

“As we work to broaden the availability of this vehicle to retail brokerages, we expect this product will facilitate greater investments in digital assets,” said Zac Prince, founder and chief executive of BlockFi, when the product launched last week.

As for the head of asset management role, BlockFi is seeking someone to both build and run the new asset management unit.

“The role presents a once-in-a-lifetime opportunity for the right candidate that is interested in bringing the best of the asset management industry to crypto products through investor-friendly products,” the job ad states.

A representative for BlockFi did not immediately respond to a request for comment.

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