BlockFi tops the Inc. 5000 list with nearly 250,000% revenue growth in three years

Inc. magazine named BlockFi the fastest growing company in the United States in 2022. Topping the magazine’s 2022 Inc. 5000 list, it experimented Growth of 245,616%, a lead of more than 99,000% on the second company, platform for hiring nurses. The median growth rate was 230% for the 5,000 entries.

The Inc. List “ranks companies by overall revenue growth over a three-year period,” according to the review. In the rapidly changing world of crypto, three years is practically an era, and BlockFi’s achievement is particularly notable after a number of dramatic turns for the company and the industry this year.

A companion article in Inc. Noted that crypto financial services firm CeFi BlockFi started the year as a unicorn in talks with JPMorgan about the IPO. The $100 million fine the company paid to the Securities and Exchange Commission (SEC) and US states in February for alleged sales of unregistered securities was hailed as at least partly good news, as it put the company on the right track to create the first SEC-regulated crypto. proceeds from their BlockFi Interest Account.

But BlockFi had lost its unicorn status midway through the year, brought down by the onset of crypto winter. It laid off 20% of its 850 employees just after Celsius froze withdrawals, despite BlockFi co-founder Flori Marquez insisting Inc. that the layoff was planned and the timing was a coincidence. She and co-founder Zac Prince had called the “heartbreaking” decision at the time.

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BlockFi announced a $250 million loan agreement with FTX US in July, and that agreement was quickly upgraded to a $400 million revolving credit facility with an option to acquire BlockFi “at a variable price of up to reach $240 million.

To be considered for the Inc. 5000 list, a company must file an application and pay a fee, which ranges from $195 to $245 this year, depending on when the application was submitted.