Both, but it is a very sticky mess, like peanut butter. I rolled it out on a large tray about 1/4 inch thick between wax paper and put it in the freezer. When its a little frozen I will take it out and score it into 1/4 inch pieces and put it back in the freezer until solid. Then break it into pieces and bag it. Have another container in the fridge and will do the same with it tommorow. Probably have 4 lbs of this stuff. Hope the fish like it. They better cause it's all their going to get for the next few days.....LOL