Sources Say BlockFi Is Raising a Down Round at $1 Billion Valuation

Crypto financial services company BlockFi is closing a new funding round, according to three people familiar with the matter. The company will raise money at a lower valuation than its previous funding round. The new round will be led by venture capital firm Bain Capital Ventures, with participation from DST and Valar. Previously, BlockFi raised money last year at a valuation of more than $5 billion, providing a signal that the valuation compression of tokens and stocks that hit the public market is moving into the private market.