BlockFi Stock Recent News
11/28/2022: BlockFi sues Sam Bankman-Fried over Robinhood shares
11/28/2022: BlockFi Filing for Bankruptcy
11/07/2022: BlockFi brings back crypto yield accounts to U.S. accredited investors
08/22/2022: FTX Could Buy BlockFi for Only $15M
07/05/2022: FTX US Signs Option to Buy BlockFi in Crypto Sector Shakeup
06/30/2022: CNBC: FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale
06/29/2022: A leaked investor call revealed Morgan Creek’s bid for BlockFi
06/21/2022: BlockFi Receives $250M Credit Facility From FTX
06/13/2022: Crypto firm BlockFi to cut headcount by 20%
06/07/2022: BlockFi Looks to Raise New Cash at Reduced $1 Billion Valuation
05/19/2022: BlockFi Offers, a New Rewards Offering That Gives BlockFi Cardholders More Ways to Earn
02/14/2022: BlockFi Settles with the SEC, Pays $100 Million in Penalties
01/24/2022: BlockFi Selects Bermuda to Expand Global Operations Footprint
01/18/2022: BlockFi Expands Retail Suite with Two New Product Offerings
10/08/2021: BlockFi Files for Bitcoin Futures ETF
06/08/2021: Crypto Lender BlockFi in Talks to Raise Funding at $5 Billion Valuation
03/11/2021: BlockFi confirms a $350 million Series D funding round at a $3 billion valuation
07/09/2020: BlockFi is looking to hire a CFO ahead of a possible IPO in 2021
What is BlockFi?
BlockFi is a fintech company and leading crypto platform that has built several products around the cryptocurrency ecosystem.
The company is a pioneer in DeFi (decentralized finance), offering high-interest yield on crypto holdings, crypto trading, crypto-backed loans, and a Bitcoin Rewards Credit Card (earn 1.5% bitcoin for each $1 spent).
BlockFi was founded in 2017 by Zac Prince and Flori Marquez to provide credit services to markets with limited access to simple financial products. The company is based in Jersey City, NJ.
Is BlockFi Stock Publicly Traded?
No. BlockFi is a private company.
BlockFi’s latest funding round, a Series D, was completed in March 2021 at a valuation of about $3 billion.
However, Bloomberg reported on June 7th, 2022, that BlockFi was looking to raise more funds at a $1 billion valuation.
Prominent venture capital investors include Bain Capital Ventures, DST Global, Tiger Global Management, SoFi, Winklevoss Capital, and Coinbase Ventures.
BlockFi Bankruptcy
BlockFi filed for bankruptcy on November 28th, 2022. The company suffered from fallout due to the FTX contagion.
It had significant exposure to FTX
BlockFi estimated assets and liabilities are in the range of $1-$10 billion, according to a court filing.
Can I Buy BlockFi on Pre-IPO Marketplaces?
No likely.
Linqto, a pre-IPO investing platform, started offering BlockFi stock on March 4th, 2022.
However, by mid-June, shares were no longer available.
BlockFi filed for bankruptcy. Any investor that acquired pre-IPO shares will like lose their money.
When is the BlockFi IPO Date?
A BlockFi IPO is unlikely. The company is bankrupt.
In July 2021, “investor documents” indicated the company was planning to IPO in the next two years. However, broader IPO volume has slowed significantly since then, which may impact management plans.
What is the BlockFi Stock Price?
BlockFi is not a publicly-traded company, so the stock price isn’t set in an open marketplace like most stocks.
Linqto is offered BlockFi’s stock for $110/share as of April 18th. That share price implies a valuation of $6.9 billion.
However, reporting by Bloomberg in June 2022 indicates a $1 billion valuation.
What is the BlockFi Stock Symbol? BlockFi Ticker?
There is no BlockFi stock symbol yet. We can only speculate.
BlockFi will reveal its stock ticker if and when it files an S-1 IPO filing with the SEC. The S-1 filing is the first major public step in the IPO process. IPOs typically occur one to three months after the S-1 is released to the public.
Here are a few potential BlockFi stock symbols that appear to be available:
- BF
- BLOC
- BKFI
- BLKF
- BLFI
Where can I find the BlockFi S-1 Filing?
The BlockFi S-1 is not available yet. To our knowledge, no regulatory filings have been submitted to the SEC.
The company may be eligible to file confidentially before revealing its financials.
When the S-1 filing because available, we’ll post it here.
How to Buy BlockFi Stock in the Future
If you are not an accredited investor, you’ll likely need to be patient before owning BlockFi stock.
Here are three potential ways to acquire shares.
1. Buy BlockFi stock after the BlockFi IPO
Most investors will need to wait until the BlockFi IPO is complete before becoming a shareholder.
Buying pre-IPO shares is only possible for accredited investors. Share inventory at Linqto was limited and not longer available as of June 2022.
There is currently no date set for the BlockFi IPO. As the company matures and approaches its IPO, I’ll update this page with the latest news.
2. Buy BlockFi stock during the BlockFi IPO through a broker
Certain online brokers now offer free access to high-demand IPOs. Customers of those brokers may participate in select IPOs if they read the emails in time, indicate interest, and confirm shares the evening before the IPO.
This website maintains a complete list of the best brokers for IPO investing. Check it out here.
Over the past few years, Tradestation and Webull have provided investors with the highest volume of IPO opportunities through their partnership with Click IPO, a smartphone app.
Shares of one of the highest demand IPOs of 2021, the Rivian IPO, went to SoFi, which is a relative newcomer to IPOs. Customers who signed up before the IPO were able to secure IPO shares.
Robinhood also now offers IPO access to its customers. High-profile IPOs for which its customers participated include the Robinhood and Sweetgreen IPOs.
The bottom line is we can’t predict which brokers will get future high-demand IPOs.
Choose a broker that serves your broader investment objectives first, then keep an eye out for upcoming deals and be ready to act.
3. Participate in the BlockFi Directed Share Program (If Available)
It is possible, though not likely, that when BlockFi begins the IPO process, it will consider offering IPO shares to its customers.
Companies do this through a directed share program (DSP).
Companies and their underwriters indicate there will be a DSP when they file their S-1 filing with the SEC. Frequently, details don’t come out until an amended version publishes on the SEC website.
Find all recent S-1 filings here.
The wording in the S-1 filing explains the DSP terms. Depending on the customer relationship, deals may be available to all or some existing customers.
Uber, for example, offered more shares to long-time drivers vs. new drivers. It did not offer IPO shares to riders.
Airbnb offered IPO shares to all hosts through a directed share program. Customers who stayed in properties did not receive IPO access.
Other times, IPO access will be available to customers of certain online brokers. Robinhood offered IPO shares in its IPO to all interested customers.
SoFi offered all of its customers IPO access to the Rivian IPO. You could sign up the week the availability was announced and participate.
For BlockFi, it’s unknown what kind of IPO access may be available to retail investors or its customers. You can prepare by first becoming a BlockFi customer if you aren’t already.
Then open accounts with online brokers that provide free IPO access to investors.
However, there are no guarantees with IPO investing. You may not receive shares if you indicate interest in an IPO.
Conclusion — How to Buy BlockFi Stock
BlockFi shares will not be available in perpetuity. Members will eventually consume all shares on the platform. The company is expected to become publicly traded in the next year or two. Own the stock before then to gain an edge over the broader market
Non-accredited investors should expect to be more patient.
If you wish to participate in future IPOs, including the potential to invest in the BlockFi IPO, prepare by opening an account with an online broker that offers free access to IPOs.
Access IPOs is affiliate partners with Linqto and BlockFi. If readers open an account with either entity through links on this page, Access IPOs may be compensated. Opening an account with a broker that provides access to IPOs does not guarantee the customer allocations of specific IPOs. IPO and pre-IPO investing involves unique risks. Do not invest with money you cannot afford to lose.
Leave a Reply