Celsius Network Valuation, Funding & Investors

Celsius Network is not operational anymore. Its last reported valuation was $3.3B as of October 2021.

Last Celsius Network valuation

$3.3B

Series B · Oct 2021

Last Celsius Network funding round

$750M

Series B · Oct 2021

Cumulative funding Celsius Network raised

$799M

across 3 funding rounds

Key investors in Celsius Network

Celsius Network Overview

About Celsius Network

Celsius Network was a cryptocurrency lending and yield platform that let customers deposit digital assets such as bitcoin and ether to earn rewards and borrow against their holdings. It was founded in 2017 by Alex Mashinsky, Daniel Leon and Nuke Goldstein, and operated through a mobile app and website for retail, corporate and institutional clients. The group also built crypto custody and bitcoin mining activities and issued its own CEL token. Celsius earned its income from the spread between what it paid depositors and what it earned lending and deploying their assets. It paused customer withdrawals in June 2022 and filed for Chapter 11 bankruptcy protection the following month. The company emerged from bankruptcy in January 2024, distributed assets to creditors and shut its apps in February 2024 as part of winding down its operations.


Founded

2017

HQ

United KingdomLondon

Status

Closed

Customer focus

B2C

Revenue model

Subscription

Valuation

$3.3B (Oct 2021)

Celsius Network Valuation

Celsius Network is insolvent and not operational anymore. Read the announcement ↗

Celsius Network was last valued at $3.3B, based on its Series B in October 2021. Read the announcement ↗

The $750M round was led by La Caisse and WestCap.

Celsius Network's valuation grew 22x from $150M at its strategic investment round in June 2020 to $3.3B in October 2021, across 3 priced rounds.

Celsius Network valuation by funding round

Celsius Network valuation by funding round
DateStageValuation
Jul 2022Write-down · Insolvency$0
Oct 2021Series B$3.3B
Jul 2020Undisclosed stage$120M
Jun 2020Strategic investment$150M

Celsius Network Funding History

Before winding down, Celsius Network has raised a total of $799M across 3 funding rounds.

Celsius Network's first fundraising round was a $30M strategic investment round in June 2020. The most recent completed round was a $750M Series B in October 2021.

Celsius Network funding rounds

Celsius Network funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2021Series BLa Caisse (lead); WestCap (lead)$750M$3.3BCelsius Network, a crypto lending and interest-earning platform, closed a $750 million Series B at a valuation of $3.25 billion, announced in October 2021 as a $400 million investment led by WestCap and the Quebec pension fund Caisse de depot et placement du Quebec (CDPQ, also known as La Caisse) and expanded by a further $350 million in November 2021. CDPQ described the investment as its first in cryptocurrency, and the announcement said the valuation was more than $3 billion. Celsius said that as of October 8, 2021 its total assets had passed $25 billion, with more than one million customers and more than $850 million paid in interest to users through its Earn product. The company said it would use the proceeds to expand its offerings, launch institutional products, bridge traditional finance and crypto, and grow its headcount, with acquisitions as part of its strategy. The round came while US state regulators in Texas and New Jersey were issuing cease-and-desist orders over its yield accounts. Celsius, founded in 2017 by Alex Mashinsky, Daniel Leon and Nuke Goldstein, had earlier raised equity rounds in 2020, including a Tether-led round. The company filed for Chapter 11 bankruptcy in July 2022.
Jul 2020Undisclosed stagegumi Cryptos Capital (gCC) (lead); Tokentus Investment$19M$120MCelsius Network is an interest-earning platform for cryptocurrency that provides users with a mobile app to access curated financial services. The platform allows users to earn up to 12% APY on cryptocurrency in their wallets, purchase cryptocurrencies, access cash loans backed by cryptocurrency, and transfer tokens. In July 2020, Celsius Network closed an $18.8 million equity funding round through BnkToTheFuture, an online investment platform connecting investors with cryptocurrency and FinTech companies. The round was open to both qualified US and non-US investors, with a minimum investment of $1,000 per investor. The company had initially set a fundraising goal of $17 million but increased the target due to strong investor appetite. The round valued the company at $120 million pre-money valuation. This was the second funding round for Celsius Network in 2020, following a $30 million investment from Tether earlier in the year. By the time of this funding round, Celsius Network had surpassed $1 billion in total cryptocurrency deposits in less than two years after launching its mobile app, demonstrating rapid user adoption and growth in the emerging crypto lending market.
Jun 2020Strategic investmentTether (lead)$30M$150MCelsius Network, a blockchain-powered interest income and lending platform launched in July 2018, secured its first equity round of $30 million with Tether International as the $10 million lead investor at a $120 million pre-money valuation, implying a $150 million post-money valuation. The company offers services including USDt-based lending and interest-bearing products like XAUt. Celsius planned to use the funds to grow its community and expand institutional services worldwide. At the time of the round on June 22, 2020, Celsius reported over 115,000 active wallet accounts, more than $6.2 billion in originated coin loans, over $680 million in assets under management, and had paid over $17 million in interest to its community since launch. The platform had recently surpassed $1 billion in cryptocurrency deposits and launched a funding round with retail broker BnkToTheFuture. CEO Alex Mashinsky highlighted the investment's role in delivering USDt-based services to users.

Who has invested in Celsius Network?

5 investors have backed Celsius Network across its funding rounds, including La Caisse, gumi Cryptos Capital (gCC), Tether, WestCap and Tokentus Investment.

Lead investors include La Caisse, WestCap, gumi Cryptos Capital (gCC) and Tether.


Celsius Network Investors

Investors in Celsius Network by funding rounds participated
InvestorHQRoundsRoleFirst check
Tokentus InvestmentGermanyFrankfurt1ParticipantJul 2020
La CaisseCanadaMontreal1LeadOct 2021
TetherEl SalvadorSan Salvador1LeadJun 2020

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Celsius Network

Celsius Network has acquired 3 companies to date.

Last acquisition by Celsius Network was on November 1st 2021. Celsius Network acquired GK8 by Galaxy for $115M.


Latest Acquisitions by Celsius Network

GK8 by Galaxy
MVP Workshop (blockchain development unit)
BSAVE
Description
GK8 by Galaxy is a Tel Aviv-headquartered provider of institutional-grade self-custody solutions for digital assets as a Galaxy Digital subsidiary. Its Impenetrable Vault and uMPC technology support regulated custody, wallet management, and tokenization for banks and crypto firms worldwide.
MVP Workshop (blockchain development unit) is a software engineering team of blockchain developers that formed part of the MVP Workshop startup studio in Belgrade, Serbia. The team worked on product design and development for crypto and blockchain clients and had been dedicated to Celsius for a number of years before the transfer. It builds and maintains blockchain-based software products under contract, and its engineers are based in Serbia. The unit sat within a startup studio that develops products for outside founders and companies. The business earns fees for software development services supplied to its clients. It has no website of its own and operated under the MVP Workshop name until its staff moved to Celsius in 2021.
BSAVE is a digital currency savings platform that generates interest on dormant bitcoins through automated transactions. London-headquartered since 2015, the service tracks earnings in real time for short- and long-term holders, integrating finance and blockchain technologies for yield optimization.
HQ CountryIsraelSerbiaUnited Kingdom
HQ City
Tel Aviv
Belgrade
London
Deal Date1 Nov 202122 Jun 202124 Jun 2019
Valuation$115Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Celsius Network

Celsius Network has invested in 3 companies to date.

Latest investment by Celsius Network was on March 18th 2022. Celsius Network invested in CoinRoutes in their $16M Series B round.


Latest Investments by Celsius Network

CoinRoutes
Core Scientific
Luxor Technology
Luxor Technology
Description
CoinRoutes is a cryptocurrency trading software provider specializing in smart order routing technology. The platform aggregates liquidity from over 35 exchanges and optimizes trade execution for institutional traders. It supports Bitcoin, Ethereum, and more than 20 other digital assets through algorithmic routing that minimizes slippage and market impact. Headquartered in New York, CoinRoutes serves professional investors with tools for high-volume trading and portfolio management.
Core Scientific Inc is engaged in designing, building, and operating digital infrastructure for high-density colocation services and digital asset mining. The business operates in three operating segments: Digital Asset Self-Mining, consisting of performing digital asset mining for its own account, Digital Asset Hosted Mining, consisting of providing hosting services to third parties for digital asset mining, and Colocation, consisting of providing high-density colocation services to third parties for AI / HPC operations. The majority of revenue is derived from the Digital Asset Self-Mining Segment.
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-
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
Miami, FL
-
-
-
Deal Date18 Mar 202226 Jul 20219 Jun 202116 Feb 2021
RoundSeries BStrategic investmentSeries APre-seed
Raised$16M$54M$5M$700K
InvestorsGalaxy Digital; Mirana; Cboe Global Markets; GSR; Susquehanna International Group; Ayon Capital; AscendEX; Arca; Genesis; CMT Digital; Wave Digital Assets-Navier; Blockware Solutions; Bitnomial; Digital Power Optimization; HODL Capital; Supplybit; DeFi Technologies; NYDIGArgo Blockchain; Bitnomial
Valuation$70M$4.3Bundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Celsius Network Competitors

Celsius Network competitors included listed companies like Hyperion DeFi, Crypto Blockchain Industries, Phunware and BTCS, and private ones like Alpha Impact and Defiance Games.

Public and private companies comparable to Celsius Network
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hyperion DeFiUnited StatesUnited StatesPublicly listed$813K($44M)$38M5.9x
Crypto Blockchain IndustriesFranceFrancePublicly listed$4M($9M)$38M-
PhunwareUnited StatesUnited StatesPublicly listed$3M($16M)$36M-
BTCSPolandPolandPublicly listed$294K($2M)$33M-
Alpha ImpactSingaporeSingaporePrivate--$1M-
Defiance GamesSingaporeSingaporePrivate--$1M-

Celsius Network Public Comps

Celsius Network is defunct now, but its public comps included Genesis Holdings, Waste Energy, Goobit Group, House of Doge, Stack BTC, Valuno Group, AGM Group Holdings and Secure Blockchain.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Genesis Holdings------
Waste Energy$424K($596K)4.1x-(2.9x)-
Goobit Group$10M($598K)0.1x-(1.3x)-
House of Doge------
Stack BTC------
Valuno Group$68M($7M)0.0x-(0.2x)-

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Common questions about Celsius Network

What happened to Celsius Network?Celsius Network is not operational anymore and insolvent as of 13 July 2022.
When was Celsius Network founded?Celsius Network was founded in 2017.
Where was Celsius Network headquartered?Celsius Network was headquartered in London, United Kingdom.
Was Celsius Network publicly listed?No, Celsius Network was a private, VC-backed company.
What was Celsius Network's valuation?Celsius Network was last valued at $3.3B in its Series B in October 2021.
How much did Celsius Network raise?Celsius Network raised $799M across 3 funding rounds.
What was Celsius Network's last funding round?Celsius Network's last funding round was a $750M Series B in October 2021, led by La Caisse and WestCap.
Who were Celsius Network's investors?Celsius Network's investors included Tokentus Investment, La Caisse, Tether, WestCap and gumi Cryptos Capital (gCC).
Who were Celsius Network's competitors?Celsius Network's competitors included Hyperion DeFi, Crypto Blockchain Industries, Phunware, BTCS, Alpha Impact and Defiance Games.
How many companies did Celsius Network acquire?Celsius Network acquired 3 companies, including GK8 by Galaxy, MVP Workshop (blockchain development unit) and BSAVE.
What was the largest acquisition by Celsius Network?The $115M acquisition of GK8 by Galaxy in November 2021 was the largest acquisition Celsius Network made.
How many companies did Celsius Network invest in?Celsius Network invested in 3 companies, including CoinRoutes, Core Scientific and Luxor Technology.
What was Celsius Network's last investment?In March 2022, Celsius Network invested in CoinRoutes' $16M Series B alongside Galaxy Digital, Mirana, Cboe Global Markets and 8 other investors.

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