BlockFi Closes $350M Series D Round

Round values BlockFi at $3 billion and was led by Bain Capital Ventures, Pomp Investments and Tiger Global. Funds will enable further innovation in its product suite, accelerate expansion into new markets and provide capital for select acquisition opportunities.


BlockFi’s Flori Marquez, Co-Founder and SVP of Operations, and Zac Prince, CEO and Co-Founder


key takeaways

  • Round values BlockFi at $3 billion and was led by Bain Capital Ventures, Pomp Investments and Tiger Global
  • Round is larger than prior reports, which pegged it at a $2.85 billion valuation

BlockFi’s latest $350 million series D funding round could very well put the company into the territory of digital asset unicorn.

According to the company, the round will allow BlockFi, whose total valuation is now $3 billion, will use the funds to enable further innovation in its product suite, accelerate expansion into new markets and provide capital for select acquisition opportunities. The company has recently been rapidly expanding its operations, adding additional products such as a bitcoin rewards credit card, an OTC trading desk and private client services in Asia.

“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. Our conviction that digital assets are the future of finance has been vindicated by our client base, which grew 10 times year-over-year in 2020 and has more than doubled since the end of 2020,” said Zac Prince, CEO and Co-Founder of BlockFi, in a statement. “Digital assets will continue to democratize finance, serve as a hedge against inflation and expansionary monetary policy, and promote innovation in financial technology and accessibility to financial services.”

The company reports that its client base is at 225,000, up from 10,000 at the end of 2019. 

Revenue for the firm comes in at $50 million, with total assets under management at $15 billion. BlockFi currently has a head count of 500. 

“BlockFi is exactly an example of how crypto is revolutionizing finance for the better,” Clem Chambers, CEO of equity research platform ADVFN, told Blockworks. “Banks are like horse and carts, and DeFi platforms are like automobiles. Economies that don’t embrace this new paradigm will become backwaters.”

BlockFi began the fund raise in early January with Mark Yusko, CEO at Morgan Creek, one of the firm’s investors, confirming that a fund raise was in progress. Other reports pegged the funding round at $150 million at a valuation of $2.85 billion. 

This announcement comes on the heels of digital asset bank Anchorage closing an $80 million series C round led by Singapore’s GIC — a sovereign wealth fund known for its conservative, infrastructure-oriented investments. 

Overall 2021 has been off to a strong start for venture capital funding, with $35 billion invested so far in startups according to data from Crunchbase. London-based digital assets brokerage recently closed a $120 million round, valuing the firm at $3 billion. 

“We are in the early innings of retail and institutional crypto adoption; as demand grows, we see an enormous opportunity for crypto companies to offer a suite of sophisticated, scalable financial services to engage and empower clients,” said Stefan Cohen, Partner at Bain Capital Ventures, one of the firms that led the round. 

BlockFi has previously said that it would consider a SPAC, pending market conditions. All eyes are likely now going to be on Coinbase’s public listing to see how the market responds and if demand for digital asset infrastructure equities will continue to grow. 


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants


Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians


Vance, an Ohio Republican, is largely seen as crypto-friendly


Plus, all the world is green as prices across the crypto space rally, with solana reaching a nearly two-week high


Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says


Plus, Ethereum is in the midst of a vibecession