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Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.
Hey everyone and welcome to the HODLer’s Den!
Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective.  This section will focus on HODLing cryptos and interest-earning platforms.
BlockFi
Updates
BlockFi Bitcoin Rewards Credit Card
In addition to unlimited 1.5% back in bitcoin on each transaction made with the card, BlockFi has revealed 4 new bonuses for the credit card:
After having the card for three months, cardholders will start earning 3.5% back in bitcoin on every purchase for the following three months, with a payout of up to 100 USD in bitcoin in the seventh month. In other words, you’ll earn even more bitcoin with every purchase for a full quarter.
Cardholders that hold stablecoin assets such as GUSD, PAX, or USDC in a BlockFi Interest Account (BIA) can earn up to an extra 2% APY on top of the prevailing stablecoin APY after annual card renewal. Over the first year of card membership, the stablecoin bonus will accrue based on cardholders’ average daily stablecoin balance. Upon annual card renewal, cardholders may receive a bonus of up to 200 USD to be paid in bitcoin and deposited into their BlockFi Interest Account during the month following renewal. Cardholders must renew to earn this payout.
Cardholders who trade cryptocurrencies on BlockFi will earn 0.25% of their trading volume back in bitcoin, up to a maximum of 500 USD in bitcoin every single month. Note: stablecoin to stablecoin trading is excluded from this bonus.
Cardholders who make a successful referral to BlockFi can earn an extra 30 USD in bitcoin for each friend they refer, on top of our base Refer-a-Friend program. Today, you get the existing 10 USD in bitcoin for your first four new client referrals and 20 USD in bitcoin for every referral after that. With this bonus, you can earn 40 USD in bitcoin for each of your first four referrals and up to 50 USD in bitcoin for each referral thereafter. Best of all, there’s no limit to how many referrals you can make and how much in bitcoin referral bonuses you can earn.
BlockFi Adds Support for Chainlink (LINK) and Binance USD (BUSD)
You can now earn interest on Chainlink and Binance USD in addition to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Paxos Gold (PAXG), Paxos Standard (PAX), Gemini dollar (GUSD), and USD Coin (USDC).
Current APYs for LINK and BUSD:
BlockFi Completes $350 Million Series D
BlockFi recently completed its Series D fundraising round, which was led by new investors including Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global. The 350 million USD round follows three prior rounds totaling 100 million USD within the last two years, and includes participation from various institutions.
Investor enthusiasm for the Series D round reflects both the company’s strong business growth as well as broader conviction in cryptocurrencies as an asset class. Individual investors, institutional asset managers, and corporate treasury departments are all exploring avenues to invest in cryptocurrencies.
Interest Earned
It has been 4 weeks since the last BlockFi report and during that time my portfolio gained roughly 900 USD—a 11% increase. I track my progress with each lending platform using a Google Spreadsheet.
Bitcoin (BTC) is currently at 58.5k USD while Ethereum (ETH) is at 1834 USD. Both of these assets make a majority of my BlockFi portfolio and it is clearly reflected in my portfolio. Both of these assets have been moving sideways in the last month, but that means more time for accumulating.
As a HODLer, I just sit back and watch my account compound and grow. Remember that the gains during a bear market will be astronomical during a prolonged bull market.  Note that my previous account balance was around 136k USD but it is now at 141k USD. I am reaping the rewards of being patient and compounding my earnings. In 4 weeks, my overall account balance grew almost 5k USD!
Conclusion & Prospect
Keep in mind that I think of my BlockFi portfolio as my personal retirement fund or 401k. I plan on investing long term with BlockFi and I do not expect to withdraw from my portfolio for quite some time. The interest rates on BlockFi are not the best, but they remain competitive in the crypto space. The great thing about BlockFi is that they do not require a utility token which means everyone benefits in the same way regardless of their portfolio allocations.
It is great to see that BlockFi is adding more coins to their list but they are moving at such a slow pace. Other platforms have a greater selection of cryptocurrencies to choose from with moderately better interest rates. In addition, over half of the coins on BlockFi are stablecoins which means they have no potential to appreciate in price. This is the reason why I like to deposit Bitcoin and Ethereum on CeFi platforms—I can collect interest and enjoy the price appreciation.
The crypto space is still relatively new so I still believe that BlockFi can capitalize on new investors. The bitcoin credit card is a major factor in BlockFi’s success and I hope they release it soon because their competitors are also in the process of doing the same. Quarter 2 is just around the corner with many expected releases from several CeFi platforms. I am excited to see how BlockFi fares against other platforms in the coming months.
What I Am Doing
This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.
You are currently reading the Free Version. If you would like more information, please consider switching to a paid subscription.
Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.
If you are new to crypto or have considered joining new platforms, check out this referral sheet which organizes everything into a simple chart—you can earn over 250 USD in bonuses!