BlockFi Seeks New Funding Ahead of IPO Plans

Morgan Creek Digital is planning to co-lead a Series D funding round in BlockFi, a digital wealth management platform, along with Peter Thiel’s Valar Ventures later this year. Mark Yusko, CEO at Morgan Creek, disclosed the news to Blockworks but declined […]

article-image
share
  • BlockFi is raising a Series D funding round from previous investors Morgan Creek Digital and Valar Ventures
  • The crypto lending and financial services startup plans to go public in the second half of 2021 through a special purpose acquisition company

Morgan Creek Digital is planning to co-lead a Series D funding round in BlockFi, a digital wealth management platform, along with Peter Thiel’s Valar Ventures later this year.

Mark Yusko, CEO at Morgan Creek, disclosed the news to Blockworks but declined to comment further until details of the deal are negotiated. 

Zac Prince, founder and CEO of BlockFi, denied the claim in an email to Blockworks. Valar Ventures did not respond to requests for comment.

The New Jersey-based BlockFi has raised $158.7 million to date and has said it plans to go public in the second half of 2021 through a special purpose acquisition company (SPAC).

The three-year-old startup began as a provider of U.S. dollar loans backed by cryptocurrency. It has since expanded its product suite for retail customers (which includes a high interest deposit account and bitcoin-back credit card) and launched institutional services. Last month, BlockFi landed a partnership with Fidelity Digital Assets, the investment giant’s bitcoin custody and trade execution business, to issue crypto-backed loans to its institutional customers.

Morgan Creek Digital led BlockFi’s Series C of $50 million in August. Valar led its A and B rounds in August 2019 and February 2020, respectively, and BlockFi was its first investment in a cryptocurrency company.

Susquehanna, Fidelity, CMT, Akuna, Three Arrows Capital, Hashkey, National Basketball Association player Matthew Dellavedova and two unnamed university endowments are among BlockFi’s other investors.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

Institutional staking providers specialize in offering secure, compliant, and scalable solutions for organizations, asset managers, and individuals who wish to stake large volumes of digital assets. Staking-as-a-Service Providers (SaaSPs) act as intermediaries, running blockchain nodes and managing the technical complexities of staking on behalf of clients, often providing custody, reporting, and yield optimization features across a broad range of assets and networks.

article-image

Hashdex CIO says firm’s crypto index fund could one day hold 200 assets

article-image

The deal seeks to boost CoinShares’ US expansion and integrates Bastion’s quantitative strategies into its digital asset platform

by Blockworks /
article-image

The defense argues DOJ is criminalizing open-source code and violating First Amendment protections in landmark crypto case

by Blockworks /
article-image

One issuer reported “high conviction” Solana ETFs would be approved in the first half of October

article-image

Should Congress not pass a budget, the SEC will be operating with a skeleton staff starting Wednesday

article-image

Stablecoin, DePIN and robo-advisor teams made the finals