BlockFi Looks to Raise New Cash at Reduced $1 Billion Valuation
- Firm valued at $3 billion in most recent funding round
- Depressed value reflects broader chill in crypto industry
The BlockFi website on a laptop computer.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Crypto lending platform BlockFi Inc. is looking to raise new funding that would value the company at about $1 billion, according to people with knowledge of the plan.
The firm may raise around $100 million, though the amount is still being finalized, said the people, who asked not to be identified because the transaction is private. BlockFi previously raised $350 million at a $3 billion valuation in March of last year. The company’s fundraising plans were first reported by crypto news outlet The Block.