BlockFi in talks to carry out further capital raising

Asset management and trading firm BlockFi is reportedly trying to increase its valuation through new financing

Cryptocurrency startup BlockFi is set to raise “several hundred million dollars” through new fundraising, according to a report by technology publication The Information. The June 8 report describes that the New York-based company is in advanced discussions with existing and potential new investors. The publication cited two unnamed sources familiar with developments around the private investment round.

With the new Series E funding, the company will receive about $ 500 million, pushing its valuation to nearly $ 5 billion. The report revealed that the investment advisor and fund management firm Third Point Management and growth venture capital firm Hedosophia would lead the fundraising.

BlockFi is currently one of the fastest growing crypto companies in the US. It is said to have more than $ 15 billion in assets under management. Founded in 2017, the company has already successfully completed four rounds of financing. Two of these were carried out within less than a year.

Last August, the company conducted a Series C financing round, raising $ 50 million at a valuation of $ 450 million. In the previous investment rounds, it had also raised about $ 50 million.  The most recent financing was barely three months ago, when the company announced that it had completed a $ 350 million Series D financing, bringing the New Jersey-based company’s valuation to $ 3 billion. This financing round was led by Pompliano’s Pomp Investments, Tiger Global and Bain Capital Ventures (the venture arm of Bain Capital).

The report added that the company has not closed its doors for the new Fundraising and that the valuation could rise above the planned number. BlockFi is among the participants who led a $ 28 million Series A funding round for blockchain infrastructure platform Blockdaemon. It’s worth noting that the reported BlockFi funding comes just weeks after a $ 440 million round from payment technology company Circle.

Startups in the blockchain and crypto sectors have seen significant growth recently, with some of them able to amass huge sums of capital. The exponential increase in BlockFi’s valuation is doubly indicative of the increasing pace of investment and the shift of investors ‘ focus to this area. The planned round of funding will also help the company recover from the March-April action that led to the company mistakenly depositing bitcoins to its users.

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