FalconX Valuation Doubles to $8B Despite Crypto Market Turmoil

Digital assets platform looking to mergers and acquisitions, product expansion after $150 million Series D round

article-image

Blockworks exclusive art by Axel Rangel

share
  • FalconX CEO Raghu Yarlagadda says bear markets are the best time to build up a business
  • The company had raised $210 million at a $3.75 billion valuation last August

Crypto platform FalconX has raised $150 million in a Series D funding round that has more than doubled its valuation in under a year — defying the current crypto bear market. 

The California-based company is now valued at $8 billion, up from $3.75 billion following its $210 million Series C raise in August 2021.

“The investment will allow us to further accelerate growth by looking at [merger and acquisition] opportunities that add strategic value to our existing core offerings,” FalconX CEO Raghu Yarlagadda told Blockworks. “We’ll continue to expand our product offering, doubling down on our market-leading reliable infrastructure and enabling new markets for our institutional customers.”

Launched in 2018, FalconX allows institutions to manage their crypto strategies through a single interface to execute trading, credit and clearing. Its crypto-as-a-service offering allows banks, fintech firms and investment applications to add digital assets to their products.

Yarlagadda added in a statement that his company is one of the few crypto prime brokerages that does not take on market risk — meaning that FalconX is not in conflict with its clients and their trading strategies.

“In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider,” he said.

Singaporean sovereign wealth fund GIC and B Capital Group, which has a strategic partnership with Boston Consulting Group, led FalconX’s latest fundraising round. Other participants were Thoma Bravo, Wellington Management, Adams Street and Tiger Global Management.

“As a tech-first digital asset infrastructure platform, FalconX provides a holistic product offering paired with unparalleled execution that supports over 70 million transactions on a monthly basis,” B Capital Group General Partner Rashmi Gopinath said in a Wednesday statement. “They are well-positioned to lead the ongoing institutional transition to digital assets for years to come.”

The new funding comes as crypto prices have dropped significantly in recent weeks. Bitcoin’s price was roughly $20,400 early Wednesday morning, according to data compiled by Blockworks — down 32% from a month ago. Cryptocurrency’s collective market value has fallen 30% in that time.

But despite the drawdown, which has led crypto firms such as Gemini, Coinbase and Crypto.com to pause or slow hiring efforts, FalconX plans to continue adding employees.

Open roles include product managers, engineers, analysts, traders and a director of people for the Americas and Europe. 

Yarlagadda told Blockworks that bear markets are the best time to build a business. 

“With each market downturn, we have emerged significantly stronger by doubling down on product and talent,” he said. “In this broader market downturn, we continue to see A-plus talent excited about crypto, and we’re excited by the prospect of having more talented team members join us.” 

The firm hired former Carta chief people officer and Bloomberg head of talent Suzy Walther as its head of people in February amid a push to fill hundreds of roles across engineering, marketing, human resources and customer support.

FalconX also brought aboard former Pinterest and Google executive Jon Kaplan as its head of revenue later that month.


Get the news in your inbox. Explore Blockworks newsletters:

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 (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The derivatives giant will extend futures and options access to round-the-clock trading in early 2026

by Blockworks /
article-image

Global fiber network goes live as SEC clears 2Z token for utility use

by Blockworks /
article-image

The SPAC transaction positions Avalanche Treasury Co. as a Nasdaq-listed vehicle for institutional AVAX exposure by 2026

by Blockworks /
article-image

The collaboration brings regulated money market fund exposure to Polygon, with custody provided by Standard Chartered

by Blockworks /
article-image

FG Nexus teams with Securitize to bring its Nasdaq-listed equity onchain, offering tokenized stock trading through Ethereum

by Blockworks /
article-image

Sponsored

Taiko launches binding onchain governance and appoints three directors with expertise in global regulation, business strategy and blockchain tech

by Sponsored /