BlockFi to Close Approximately $500 Million Series E Funding Led by Third Point Management and Hedosophia

The transaction is expected to close at the end of this month. The company was valued at $4.75 billion prior to the financing.

BlockFi to Close Approximately 0 Million Series E Funding Led by Third Point Management and Hedosophia

BlockFi raised about $500 million in a Series E round co-led by Third Point, a hedge fund run by Dan Loeb, and Hedosophia, a London-based venture capital firm, according to The Block June 8, citing people familiar with the matter.

The deal is expected to close at the end of this month. The company was valued at $4.75 billion before the funding. In March, BlockFi reportedly just closed a $350 million Series D round.

Recently, Loeb tweeted that he is exploring cryptocurrencies.

Lately, I’ve been delving into cryptocurrencies. Being open to an emerging and controversial space has been a real test.
Currently, Bitcoin and major cryptocurrencies are in a price slump. In addition, BlockFi had an embarrassing accident last month. The company mistakenly sent bitcoin-denominated payments to users when they should have been sent in cash. The expense involved a March giveaway. If a customer traded a certain amount of bitcoin between March 18 and 31, they were eligible to receive a bitcoin bonus.

In a report to potential investors about the funding, BlockFi said that the “risk of loss” from the error was less than $6 million and that the team would actively “take action” by engaging KPMG to conduct a full audit of the incident.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/blockfi-to-close-approximately-500-million-series-e-funding-led-by-third-point-management-and-hedosophia/
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