BlockFi, the crypto-lending platform, plans to close its Series E round on July 27 at a valuation of around $4.75 billion and, 12-18 months later, to pursue an initial public offering (IPO). Those plans appear in an investor presentation, CoinDesk reports.
In June the company was targeting a valuation close to to $5 billion. It was possible that the final figure would exceed this benchmark.
The funding round is expected to be led by Dan Loeb’s hedge fund Third Point and London’s Hedosophia. Other investors include Coinbase Ventures, Tiger Global and Bain Capital.
The outlet contends that BlockFi’s decision to move the IPO from the second half of 2021 to a later date was made before frictions with regulators arose.
Securities regulators in New Jersey, Alabama and Texas charged BlockFi with selling unregistered securities. In that capacity, regulators deemed BlockFi’s crypto-savings accounts (BlockFi Interest Account) to be unregistered securities.
On Twitter, the company said it is in dialogue with authorities and expects to prove regulators’ arguments unfounded.
BlockFi assured that clients will still have access to all BlockFi products, services and assets.
2/ BlockFi is fully operational for all existing clients everywhere in the world, and clients will continue to have access to all products, services, and assets on BlockFi.
— BlockFi (@BlockFi) July 22, 2021
Previously, Bitcoin exchange Coinbase had listed its shares on the market. Following its lead could be Bullish, the cryptocurrency trading platform, and Circle, the startup behind USDC.
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