Crypto lending startup BlockFi has confirmed it raised $350 million in the Series D round that values the company at $3 billion.
The funds were raised from a wide range of investors such as Tiger Global and Bain Capital Ventures. To date, BlockFi has raised a total of $450 million. From additional investors, Anthony Pompliano, Jump Capital, Castle Island Ventures, and CMS Holdings.
BlockFi said the added capital will help with the upcoming launch of its Bitcoin credit card. The money will also assist the firm with expanding internationally and making strategic acquisitions.
Over the last year, BlockFi has seen its business grow. To cover a retail and institutional client base of more than 225,000. It oversees more than $15 billion and additionally reports monthly revenues of $50 million.
“In less than six months since we completed our Series C. Bitcoin and other digital assets have assumed a central role in many investors’ portfolios and in broader financial markets.” Said co-founder and CEO Zac Prince.
“Our conviction that digital assets are the future of finance has been vindicated by our client base. Which grew 10X YoY in 2020 and has more than doubled since the end of 2020.”
However, it hasn’t been all smooth sailing for BlockFi. Critics have raised questions about the firm receiving a discount from Grayscale’s Bitcoin Trust.
BlockFi profits from the GBTC premium trade in which investors can tie up Bitcoin into GBTC. And collect the spread between the trust shares and the underlying net asset value of the Bitcoin held by the trust.
BlockFi looking for new head of trust products
Looking ahead to the future, BlockFi is seeking a head of trust products to helm its BlockFi Bitcoin Trust. Which was first unveiled in February. It is also looking to fill a head of asset management role.
BlockFi is also expecting to grow its headcount from 500 to about 1,000 by the end of the year.
