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- BlockFi
BlockFi Revenue, Valuation, Funding & Investors
BlockFi is valued at $4.5B as of August 2021, a 90.0x multiple on its last reported $50M revenue.
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
Valar Ventures
CMT Digital
About BlockFi
BlockFi is a cryptocurrency lending platform that issues USD loans backed by client-held Bitcoin and Ethereum collateral. New York-headquartered during its operational phase, it partnered with custodians like Gemini for asset storage and served retail and institutional borrowers across multiple US states. The service integrated with leading blockchains to provide liquidity options including interest-bearing accounts.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Usage-based
Revenue
$50M (Aug 2021)
Valuation
$4.5B (Aug 2021)
BlockFi Valuation
BlockFi is currently valued at $4.5B, based on its Series E in August 2021.
The $500M round was led by Rose Park Advisors, with participation from John Fontein, Definitive Capital, Castor Ventures, Alumni Ventures, Investlink Holdings and 1 other investor.
BlockFi's valuation has grown 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 |
|---|---|---|---|
| Aug 2021 | Series E | $4.5B | 90.0x |
| Feb 2021 | Series D | $3B | 60.0x |
| Aug 2020 | Series C | $400M | 4.0x |
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 $100M in August 2020 to $50M in August 2021, while the revenue multiple moved from 4.0x 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 |
| Aug 2020 | $100M | $400M | 4.0x | Series C |
* 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
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; Castor Ventures; Alumni Ventures; Investlink Holdings; Empede Capital | $500M | $4.5B | BlockFi is a cryptocurrency financial services platform offering lending, a multi-asset wallet, yield on cryptoassets, buy/sell/hold capabilities, and USD loans secured by crypto for consumers, while serving institutions as a lender and trade execution provider. It was among the first to launch a Visa rewards credit card linked to stablecoin holdings like USDC or USDT. In its Series D round announced March 2021, BlockFi raised $350 million at a $3 billion valuation from investors including those matching the query's list with Rose Park Advisors as lead. The funds aimed to build bridges between crypto, traditional finance, and wealth management. At the time of the round, BlockFi had surpassed 225,000 users, over $15 billion in assets under management, and monthly recurring revenue exceeding $50 million. The platform's traction highlighted its position as a leading crypto wallet and lender during the early 2021 bull market. Subsequent Inc. 5000 recognition noted BlockFi's explosive revenue growth from 2018-2021, but specifics tie to the March 2021 funding metrics. BlockFi later faced challenges, including bankruptcy, amid the 2022 crypto downturn, distinct from this funding event. |
| Feb 2021 | Series D | Bain Capital Ventures (lead); Bracket Capital (lead); DST Global (lead); Pomp Investments (lead); Tiger Global (lead) | $350M | $3B | BlockFi, a leading cryptocurrency lending and wallet platform, raised $350 million in a Series D funding round in early 2021 at a $3 billion valuation. The investors included Bain Capital Ventures, Bracket Capital, DST Global, Pomp Investments, and Tiger Global, aligning with the specified round details around February 2021. The funds were intended to build a bridge between crypto, traditional finance, and wealth management. BlockFi's core consumer offerings included earning yield on cryptoassets at attractive rates, buying/selling/holding cryptoassets, and originating USD loans secured against crypto collateral on the platform. For institutions, it provided lending and trade execution services. The company was pioneering with products like a Visa rewards credit card linked to stablecoin holdings such as USDC or USDT, allowing direct spending from wallet balances via a debit card. At the time of the round, BlockFi reported over 225,000 users, monthly recurring revenue exceeding $50 million (equivalent to over $600 million annualized), and more than $15 billion in assets under management. This demonstrated strong traction in the crypto lending space amid growing adoption of yield-bearing crypto products. The platform positioned itself as a key player in crypto finance, offering liquidity solutions for both retail and institutional clients. However, subsequent regulatory scrutiny emerged, including SEC charges in 2022 for unregistered securities offerings via its BlockFi Interest Accounts, leading to penalties and operational restrictions. |
| 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 | - | - |
| 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 | - | - |
Who has invested in BlockFi?
33 investors have backed BlockFi across its funding rounds, including Galaxy Digital, PJC, ConsenSys Mesh, Alumni Ventures, Valar Ventures and CMT Digital.
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 |
|---|---|---|---|---|
| 3 | Lead | Jun 2018 | ||
| 3 | Participant | Feb 2018 | ||
| 3 | Lead | Feb 2018 | ||
| 2 | Lead | Aug 2019 | ||
| 2 | Participant | Feb 2018 | ||
| 2 | Participant | Dec 2018 | ||
| 2 | Lead | Aug 2019 | ||
| 2 | Lead | Dec 2018 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Lead | Feb 2021 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Feb 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by BlockFi
BlockFi has invested in 6 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. | Delio is a Seoul-based crypto financial services platform offering lending, staking, and asset management. Launched in 2018, it manages a DeFi ecosystem with products like DLO token staking yielding up to 10% APY and NFTfi lending against blue-chip collections. Delio partners with exchanges such as Upbit for fiat on-ramps and serves 1 million users across Korea and Southeast Asia. The firm operates a venture arm investing in web3 startups on Terra and Klaytn blockchains. | 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. | |
| HQ Country | |||||
| HQ City | Los Angeles, CA | Seoul | London | New York City, NY | |
| Deal Date | 16 Jan 2024 | 7 Jun 2022 | 16 May 2022 | 28 Oct 2021 | |
| Round | Angel | Undisclosed stage | Series A | Series A | |
| Raised | $1M | $611M | $70M | $12M | |
| Investors | - | Three Arrows Capital | 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 | |
| Valuation | $11M | undisclosed | $500M | $52M | |
| 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 include listed companies like Nelnet and Enova International, and private ones like Jubao Internet Technology, Moove, Lendable and Binance.US.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.4B | - | $4.5B | 7.1x | ||
| Private | - | - | $4B | - | ||
| Private | $115M | - | $2.1B | - | ||
| Publicly listed | $3.2B | $443M | $4.5B | 2.6x | ||
| Private | $114M | $22M | $4.7B | 40.8x | ||
| Private | - | - | $4.7B | - |
BlockFi Public Comps
BlockFi is still privately-owned, but its public comps include Nelnet, Enova International, Authum Investment, Galaxy Digital, Bread Financial, Blue Owl Technology, Mahindra Finance, Sezzle, Klarna and Bullish.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.4B | - | 9.0x | 7.1x | - | - | |||
| $3.2B | $443M | 3.0x | 2.6x | 21.2x | 9.7x | |||
| $135M | $120M | 36.2x | - | 40.8x | - | |||
| $60B | ($177M) | 0.1x | 0.2x | (43.3x) | (182.6x) | |||
| $3.8B | - | 1.3x | 1.3x | - | - | |||
| $1.4B | - | 8.8x | 9.1x | - | - | |||
| $1.1B | - | 15.0x | 14.9x | - | - | |||
| $450M | $164M | 8.6x | 6.8x | 23.4x | 16.1x | |||
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
| When was BlockFi founded? | BlockFi was founded in 2017. |
| Where is BlockFi headquartered? | BlockFi is headquartered in Jersey City, NJ, United States. |
| Is BlockFi publicly listed? | No, BlockFi is a private, VC-backed company. |
| What is BlockFi's valuation? | BlockFi was last valued at $4.5B in its Series E in August 2021. |
| How much funding has BlockFi raised? | BlockFi has 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 are BlockFi's investors? | BlockFi's investors include Galaxy Digital, PJC, ConsenSys Mesh, Morgan Creek Digital, Alumni Ventures, CMT Digital, Valar Ventures, Akuna Capital, John Fontein, Purple Arch Ventures and 23 others. |
| What is BlockFi's revenue? | BlockFi's latest recorded revenue is $50M (August 2021). |
| What is BlockFi's revenue multiple? | BlockFi's latest valuation implies a 90.0x revenue multiple ($4.5B valuation on $50M of revenue). |
| Which companies are comparable to BlockFi? | Companies comparable to BlockFi include Nelnet, Jubao Internet Technology, Moove, Enova International, Lendable and Binance.US. |
| How many companies has BlockFi invested in? | BlockFi has invested in 6 companies, including HealthBridgeHQ, Delio, 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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