BlockFi Goes Public: Important Things You Need To Know

According to a document that was circulated among the investors, BlockFi goes public in 12 to 18 months despite the increasing scrutiny of the digital currency lenders. In this article, we will discuss more about the BlockFi stock name, its date of release, and many more. 

About BlockFi

Developers from a wealth management company were created to seamlessly manage the digital assets and increase the potential for earning. The platform of the company provides products related to wealth management such as digital currencies, interest earning accounts, trading, and other products similar to that. This allows the clients to ease out Bitcoin trading and secure all the digital payments in the cloud while mitigating the risks that are associated with financial lending. 

How BlockFi Goes Public?

BlockFi is all set to shut its Series E on 27 July according to the document. That round amounts to $500 million. According to the documents sent to the investors by BlockFi, it can be guessed that it is expected to command a $4.75 billion valuation post money. 

BlockFi has been showing its intentions to go public for over a year. That timeline has been delayed even before BlockFi was put to notice by the security regulators of Texas, Alabama, and New Jersey. 

The Coinbase stock name is “COIN” and it is also traded under this symbol, but the BlockFi stock name is not sure as of yet and so there is no BlockFi stock symbol. A BlockFi stock listing will abide by a list of high profile, public market debuts of digital currencies. But presently BlockFi remains in the startup form. Its E Series is being conducted by Hedosphobia and Daniel Lobh’s Third Point LLC as per the document. 

BlockFi’s Future Growth

BlockFi’s route to Wall Street became complicated this week as the state securities regulators in the U.S began to question the legalities of the firm’s marqueé BIA (BlockFi Interest Account) offerings. 

According to the Texas State Security Board, that product, which promises to give crypto depositors with rewards with payouts of high interest, had assembled over $15 billion in assets. In their filing, the Texas agency asserted that it notified BlockFi regarding the violations on April 20, 2021. 

On Wednesday CEO Zac Prince asserted that BlockFi was talking to things via New Jersey. After issuing its own order the firm of Alabama tweeted, 

“After CoinDesk reported on the Texas filing, BlockFi tweeted, “We firmly believe that the BIA is lawful.”

Frequently Asked Questions On BlockFi Goes Public

1. Is BlockFi traded?

While BlockFi is a privately owned company, Coinbase is publicly traded under the ticker symbol “COIN.” When BlockFi goes public it will also start to trade.

2. When will BlockFi go public?

According to a document that was circulated among the investors, BlockFi goes public in 12 to 18 months despite the increasing scrutiny of the digital currency lenders.

3. Who is BlockFi owned by?

The cryptocurrency holdings of BlockFi are held by the “Gemini Trust Company”, which is controlled by the New York Department of Financial Services.

4. Can you deposit cash into BlockFi?

Yes, you can deposit your currency in BlockFi. Log in to your BlockFi account. Choose ‘Deposit’ in the top bar. Choose ‘USD (wire transfer)’ as your deposit currency.

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