Cryptocurrency lender BlockFi is seeking "several hundred million more," according to a June 8 report by The Information. This would translate into a $5 billion valuation.
Daniel Loeb's Third Point Management is currently in talks to spearhead the new fundraising effort together with London-based investment firm Hedosophia.
In March, the company completed its $350 million Series D funding round that boosted its valuation to $3 billion.
The report states that the fundraising talks haven't been finalized yet, which is why the valuation could change.
BlockFi was co-founded back in 2017 by Zac Prince, its current CEO, and Flori Marquez.
While crypto firms are still flying high following Coinbase's public debut in mid-April, cryptocurrency prices are under severe pressure, with Bitcoin revisiting the $31,000 level earlier today.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.