BlockFi Revenue, Valuation, Funding & Investors
BlockFi is not operational anymore. Its last reported valuation was $4.5B as of August 2021.
Last BlockFi valuation
$4.5B
Series E · Aug 2021
Last BlockFi funding round
$500M
Series E · Aug 2021
BlockFi revenue
$50M
Series E · Aug 2021
Key investors in BlockFi
Galaxy Digital
PJC
ConsenSys Mesh
Alumni Ventures
Tiger Global
Bain Capital Ventures
About BlockFi
BlockFi is a crypto financial services company that offered interest-bearing accounts on digital assets, loans secured by crypto collateral, trading and a rewards credit card to retail and institutional clients. It was founded in 2017 by Zac Prince and Flori Marquez and is based in Jersey City, New Jersey. The company earned its revenue from the spread on lending crypto assets to institutional borrowers and from lending and trading fees. It raised venture rounds from investors including Valar Ventures, Morgan Creek Digital, Bain Capital Ventures, DST Global and Tiger Global, and made small strategic investments in crypto infrastructure companies. BlockFi settled with the SEC and state regulators over its interest accounts in February 2022, and filed for Chapter 11 bankruptcy in November 2022 after the collapse of FTX and Alameda Research, then wound down its platform through the bankruptcy plan.
Founded
2017
HQ
Jersey City, NJWebsite
Status
Closed
Customer focus
B2C & B2B
Revenue model
Usage-based
Revenue
$50M (Aug 2021)
Valuation
$4.5B (Aug 2021)
BlockFi Valuation
BlockFi is insolvent and not operational anymore. Read the announcement ↗
BlockFi was last valued at $4.5B, based on its Series E in August 2021. Read the announcement ↗
The $500M round was led by Rose Park Advisors, with participation from John Fontein, Definitive Capital, Alumni Ventures, Tiger Global, Hedosophia and 3 other investors.
BlockFi's valuation grew 11x from $400M at its Series C in August 2020 to $4.5B in August 2021, across 3 priced rounds.
BlockFi valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2022 | Write-down · Insolvency | $0 | - |
| Aug 2021 | Series E | $4.5B | 90.0x |
| Feb 2021 | Series D | $3B | 60.0x |
| Aug 2020 | Series C | $400M | - |
BlockFi Revenue
BlockFi's latest recorded revenue is $50M, as of its Series E in August 2021. At a $4.5B valuation, that implies a 90.0x revenue multiple.
Revenue moved from $50M in February 2021 to $50M in August 2021, while the revenue multiple moved from 60.0x to 90.0x.
BlockFi revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2021 | $50M | $4.5B | 90.0x | Series E |
| Feb 2021 | $50M | $3B | 60.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
BlockFi Funding History
Before winding down, BlockFi has raised a total of $956M across 8 funding rounds.
BlockFi's first fundraising round was a $2M seed round in February 2018. The most recent completed round was a $500M Series E in August 2021.
BlockFi funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Series E | Rose Park Advisors (lead); John Fontein; Definitive Capital; Alumni Ventures; Tiger Global; Hedosophia; Bain Capital Ventures; Investlink Holdings; Empede Capital | $500M | $4.5B | BlockFi raised about $500 million in a Series E round in mid-2021, with the round reported to close on July 27, 2021 and the post-money valuation reported at $4.75 billion. Hedosophia and Third Point led the round, with Coinbase Ventures, Tiger Global and Bain Capital Ventures also participating, alongside earlier backers such as Alumni Ventures. BlockFi was reported to be preparing to go public within 12 to 18 months. BlockFi is a New Jersey-based cryptocurrency financial services company, founded in 2017, offering interest-bearing crypto accounts, loans secured by crypto, a multi-asset wallet and trading for consumers and institutions. It also launched a rewards credit card paid in bitcoin and stablecoins. The previous round was a $350 million Series D in March 2021 at a $3 billion valuation. BlockFi later filed for Chapter 11 bankruptcy in November 2022 after the collapse of FTX. |
| Feb 2021 | Series D | Bain Capital Ventures (lead); Bracket Capital (lead); DST Global (lead); Pomp Investments (lead); Tiger Global (lead) | $350M | $3B | BlockFi raised $350 million in a Series D round in early 2021 at a valuation of $3 billion. Bain Capital Ventures, DST Global, Pomp Investments and Tiger Global co-led the round, with Bracket Capital also taking part. BlockFi said the money would help build a bridge between crypto, traditional finance and wealth management. The company offered interest-bearing accounts on crypto assets, buying, selling and holding of crypto assets, and US dollar loans secured by crypto collateral, and served institutions as a lender and trade execution provider. It had also launched a Visa rewards credit card linked to stablecoin balances. At the time of the round BlockFi reported more than 225,000 users, monthly recurring revenue above $50 million and more than $15 billion in assets under management. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and is based in Jersey City, New Jersey. It filed for Chapter 11 protection in November 2022. |
| Aug 2020 | Series C | Morgan Creek Digital (lead) | $50M | $400M | BlockFi, a cryptocurrency financial services provider founded in 2017 by Zac Prince and Flori Marquez, offers products like interest accounts on digital assets, zero-fee trading, crypto-backed loans, and later a bitcoin rewards credit card, aiming to bridge traditional finance and crypto wealth management. In August 2020, the company raised $50 million in a Series C funding round led by Morgan Creek Digital, with participation from Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, HashKey, and others including university endowments. This followed prior rounds totaling about $110 million, bringing cumulative funding to approximately $160 million. The funds were intended to expand BlockFi's offerings as a full-service investment platform for cryptocurrencies, develop new products, and accelerate growth amid rising crypto momentum. Anthony Pompliano of Morgan Creek Digital joined the board, highlighting BlockFi's capabilities in the digital asset ecosystem and potential to disrupt traditional finance. The company planned to build a scalable wealth management platform for the digitized future of stocks, bonds, currencies, and commodities. Around the round date, BlockFi's revenue had grown tenfold over the past year and was projected to reach $100 million over the next 12 months. By early 2021, monthly revenue exceeded $50 million with over $15 billion in assets and 260,000 funded retail accounts. |
| Feb 2020 | Series B | Valar Ventures (lead) | $30M | - | BlockFi, a New Jersey-based cryptocurrency trading and lending platform founded in 2017 by Zac Prince and Flori Marquez, raised $30 million in its Series B funding round in February 2020, led by Valar Ventures with participation from Akuna Capital, Avon Ventures, Arrington XRP Capital, Castle Island Ventures, CMT Digital, HashKey Capital, Kenetic Capital, Morgan Creek Digital, PJC, Purple Arch Ventures, and Winklevoss Capital. This followed a $18.3 million Series A six months earlier. The funds were intended to expand staff and broaden product accessibility to mainstream users beyond heavy cryptocurrency enthusiasts. BlockFi managed around $650 million in assets at the time, offering integrated financial services including interest-bearing accounts, lending, and trading with a 0% loss rate on its loan portfolio since inception in January 2018. In 2019, prior to the Series B, BlockFi reported 20x revenue growth, though specific figures were not disclosed. Valar Ventures' general partner Andrew McCormack highlighted BlockFi as one of their most successful investments, praising its role in setting standards for modern crypto financial services. The company aimed for mainstream adoption in 2020, targeting non-heavy crypto users. This Series B preceded subsequent raises, including a $50 million Series C in August 2020 and a $350 million Series D in March 2021 at a $3 billion valuation co-led by Bain Capital Ventures, DST Global, Pomp Investments, and Tiger Global, with Valar Ventures participating again. By early 2021, BlockFi had grown to over 225,000 clients from 10,000 at end-2019, $15 billion in platform assets, monthly revenue exceeding $50 million, and a team of over 500, maintaining its 0% lending loss rate. |
| Aug 2019 | Series A | Valar Ventures (lead); Galaxy Digital; Morgan Creek Digital; PJC; Susquehanna; Winklevoss Capital; Avon Ventures; CMT Digital; ConsenSys Mesh; Akuna Capital | $18M | - | BlockFi is a cryptocurrency lending platform that provides loans to holders using bitcoin and ethereum as collateral, with a minimum deposit of $20,000 worth of cryptocurrency, and offers interest-earning savings accounts. The company announced an $18.3 million Series A funding round led by Valar Ventures, with participation from Winklevoss Capital, Morgan Creek Digital, Akuna Capital, and prior investors Galaxy Digital Ventures and ConsenSys Ventures. This follows a $1.5 million seed round from ConsenSys Ventures, SoFi, and Kenetic Capital, and a $50 million round led by Galaxy Digital Ventures used for lending cash to customers. Prince expected annual revenue to reach eight figures by the end of 2019. The new funding aims to expand products on the platform while maintaining compliance focus, though accounts are not FDIC-backed. |
| Dec 2018 | Seed | Akuna Capital (lead); Galaxy Digital; Morgan Creek Capital Management; Devonshire Investors; Susquehanna Government Products; CMT Digital; Recruit Strategic Partners | $4M | - | BlockFi, a New Jersey-based provider of interest-bearing accounts and loans backed by cryptocurrency, raised $4 million in December 2018, structured as convertible notes. Akuna Capital was the main buyer of the notes, and the other participants were Galaxy Digital, Morgan Creek Capital Management, CMT Digital, Devonshire Investors, Recruit Strategic Partners and Susquehanna Government Products. The round followed BlockFi's early-2018 seed financing of roughly $1.5 million and Galaxy Digital's $52.5 million-scale backing later reported for the company in 2018, and preceded its Series A and B rounds led by Valar Ventures in 2019 and 2020. The company, founded in 2017 by Zac Prince and Flori Marquez, lets holders of bitcoin and other digital assets earn interest and borrow US dollars against their holdings, serving retail and institutional clients in the United States. |
| Jun 2018 | Seed | Galaxy Digital (lead); PJC; ConsenSys Mesh | $2M | - | - |
| Feb 2018 | Seed | ConsenSys Mesh (lead); Purple Arch Ventures; SoFi; Kenetic; PJC; Fort Schuyler Ventures; Cadenza Ventures; Alumni Ventures; Lumenary; Nelson Chu | $2M | - | BlockFi raised a seed round of about $1.6 million in February 2018, announced on 13 February 2018. The investors included ConsenSys Ventures, SoFi, Kenetic Capital, PJC, Purple Arch Ventures and Lumenary. BlockFi said the proceeds would go toward expanding operations and product development. The company was founded in 2017 by Zac Prince and Flori Marquez and is based in Jersey City, New Jersey. It offers loans to cryptocurrency holders against their digital assets as collateral, and later added interest-bearing accounts and trading. Press reports give the round size as between $1.5 million and $1.6 million. The seed round preceded a $50 million round later in 2018 led by Galaxy Digital and an $18.3 million Series A in 2019. |
Who has invested in BlockFi?
33 investors have backed BlockFi across its funding rounds, including Galaxy Digital, PJC, ConsenSys Mesh, Alumni Ventures, Tiger Global and Bain Capital Ventures.
Lead investors include Rose Park Advisors, Bain Capital Ventures, Bracket Capital, DST Global, Pomp Investments and 6 other investors.
BlockFi Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 3 | Lead | Jun 2018 | |
| Boston, MA | 3 | Participant | Feb 2018 | |
| New York City, NY | 3 | Lead | Feb 2018 | |
| Chapel Hill, NC | 2 | Lead | Aug 2019 | |
| Manchester | 2 | Participant | Feb 2018 | |
| New York City, NY | 2 | Lead | Feb 2021 | |
| Chicago, IL | 2 | Participant | Dec 2018 | |
| San Francisco, CA | 2 | Lead | Feb 2021 | |
| New York City, NY | 2 | Lead | Aug 2019 | |
| Chicago, IL | 2 | Lead | Dec 2018 | |
| New York City, NY | 1 | Participant | Aug 2021 | |
| Chicago, IL | 1 | Participant | Feb 2018 | |
| Los Angeles, CA | 1 | Lead | Feb 2021 | |
This data is available for Pro users. Sign up to see all 33 BlockFi investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by BlockFi
BlockFi has invested in 5 companies to date.
Latest investment by BlockFi was on January 16th 2024. BlockFi invested in HealthBridgeHQ in their $1M Angel round.
Latest Investments by BlockFi
| Description | HealthBridgeHQ is a medtech platform enhancing provider-patient outcomes through analytics. It tracks practice metrics like readmission rates and satisfaction scores via dashboards. HealthBridgeHQ supports U.S. clinics with tools for care coordination and performance benchmarking. | Elwood Technologies is a Zug-headquartered fintech platform for institutional digital asset management. The company offers trading execution across 30 global crypto exchanges, portfolio analytics, and risk tools connecting to custodians like Fireblocks. Elwood Technologies provides OMS and EMS software built by ex-Goldman Sachs experts, serving hedge funds and family offices in Europe and Asia. | Elementus is a New York-based data science and blockchain intelligence company founded in 2017 that combines proprietary datasets with patented algorithms to deliver insights for decision-making in the cryptocurrency economy. | Yellow Card is an Africa-headquartered licensed stablecoin on/off-ramp operating in 20 countries, enabling individuals and businesses to trade USDT, USDC, and PYUSD using local currencies directly or via payments API, having processed over $3 billion in transactions through yellowcard.io. | |
| HQ Country | |  | | | |
| HQ City | Los Angeles, CA | London | New York City, NY | Atlanta, GA | |
| Deal Date | 16 Jan 2024 | 16 May 2022 | 28 Oct 2021 | 26 Sep 2021 | |
| Round | Angel | Series A | Series A | Series A | |
| Raised | $1M | $70M | $12M | $15M | |
| Investors | - | Galaxy Digital; Digital Currency Group; Flow Traders; Goldman Sachs; Barclays; Chimera Investment; Dawn Capital; CommerzVentures | Alameda Research; Gemini Frontier Fund; Pomp Investments; Lightspeed Venture Partners; Avon Ventures; Velvet Sea Ventures; Blockchain.com Ventures | Castle Island Ventures; Coinbase Ventures; GreenHouse Capital; Fabric Ventures; MoonPay; Polychain; Third Prime; Block; Blockchain.com Ventures; Raba Partnership; Valar Ventures | |
| Valuation | $11M | $500M | $52M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all BlockFi investments and their VC round multiples. Start Free Trial | |||||
BlockFi Competitors
BlockFi competitors included listed companies like Anupam Finserv, Hyper Bit Technologies, Superstar Platforms and Advanced Blockchain, and private ones like ArchiveMatter and Authlink.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 India | Publicly listed | $497K | $325K | $4M | - | |
 Canada | Publicly listed | - | ($3M) | $5M | - | |
| United States | Publicly listed | - | ($541K) | $5M | - | |
 Germany | Publicly listed | $349K | ($2M) | $5M | 15.5x | |
| London | Private | - | - | $1M | - | |
| Chennai | Private | - | - | $1M | - |
BlockFi Public Comps
BlockFi is defunct now, but its public comps included Genesis Holdings, AI Unlimited Group, Marka, Akcept Finance, Waste Energy, Ditix, LexBono and Goobit Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| - | ($3M) | - | - | (0.0x) | - | |||
| $241K | ($113K) | 0.6x | - | (1.2x) | - | |||
| $18K | ($118K) | 89.7x | - | (14.1x) | - | |||
| $424K | ($596K) | 4.1x | - | (2.9x) | - | |||
| $75K | $12K | 10.5x | - | 66.1x | - | |||
This data is available for Pro users. Sign up to see all BlockFi competitors and their valuation data. Start Free Trial | ||||||||
Common questions about BlockFi
| What happened to BlockFi? | BlockFi is not operational anymore and insolvent as of 28 November 2022. |
| When was BlockFi founded? | BlockFi was founded in 2017. |
| Where was BlockFi headquartered? | BlockFi was headquartered in Jersey City, NJ, United States. |
| Was BlockFi publicly listed? | No, BlockFi was a private, VC-backed company. |
| What was BlockFi's valuation? | BlockFi was last valued at $4.5B in its Series E in August 2021. |
| How much did BlockFi raise? | BlockFi raised $956M across 8 funding rounds. |
| What was BlockFi's last funding round? | BlockFi's last funding round was a $500M Series E in August 2021, led by Rose Park Advisors. |
| Who were BlockFi's investors? | BlockFi's investors included Galaxy Digital, PJC, ConsenSys Mesh, Morgan Creek Digital, Alumni Ventures, Tiger Global, CMT Digital, Bain Capital Ventures, Valar Ventures, Akuna Capital and 23 others. |
| What was BlockFi's revenue? | BlockFi's last recorded revenue was $50M (August 2021). |
| What was BlockFi's revenue multiple? | BlockFi's last valuation implied a 90.0x revenue multiple ($4.5B valuation on $50M of revenue). |
| Who were BlockFi's competitors? | BlockFi's competitors included Anupam Finserv, Hyper Bit Technologies, Superstar Platforms, Advanced Blockchain, ArchiveMatter and Authlink. |
| How many companies did BlockFi invest in? | BlockFi invested in 5 companies, including HealthBridgeHQ, Elwood Technologies, Elementus, Yellow Card and Coin Metrics. |
| What was BlockFi's last investment? | In January 2024, BlockFi invested in HealthBridgeHQ's $1M angel round. |
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