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

key takeaways

  • 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

Upcoming Events

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.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

The DeFi Education Fund has ideas on how the crypto-friendly SEC can bring Commissioner Peirce’s vision to life

article-image

“Be prepared to do more with less,” Framework Ventures’ Michael Anderson said

article-image

Q1 may have been “frustrating,” but things are looking brighter for Q2

article-image

Tokens worth 20% of the current supply of the TRUMP memecoin launched by the president are set to be unlocked tomorrow

article-image

A crypto-industry lawsuit is “moot” now that Joint Resolution 25 has been signed into law

article-image

Fed Chair Powell assured markets that the labor market is in “good place,” dependent on price stability