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.