FalconX Raises $150M at $8B Valuation

GIC and B Capital led the Series D funding round for the digital asset broker.

AccessTimeIconJun 22, 2022 at 10:03 a.m. UTC
Updated May 11, 2023 at 6:52 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Digital asset prime brokerage FalconX raised $150 million in a Series D financing round, giving the platform an $8 billion valuation, which is more double its valuation from its previous financing.

  • GIC and B Capital led the round. Additional investors included Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management. In August, FalconX raised $210 million in a Series C round, pegging the company at a $3.75 billion valuation.
  • FalconX says its platform has remained strong through the market storm and the first quarter was its best ever in terms of gaining new customers.
  • "Our valuation is a reflection of the long-term belief from our investors and conviction in the digital assets market," CEO Raghu Yarlagadda told CoinDesk. "We’re one of the few companies that has consistently been profitable, exhibited revenue, customer growth and navigated volatile market conditions with strong operating rigor and risk management."
  • Yarlagadda added that FalconX is market neutral and doesn't take directional risk. "The last few months have been extremely important to demonstrate why being market risk neutral is super important."
  • He said the company is financially strong and growing as the firm's credit offerings are overcollateralized, backed by high quality and highly liquid collateral, and its assets are deployed only within the FalconX platform.
  • Meanwhile, FalconX also said it continues to hire across the company despite multiple crypto firms slashing headcount amid the market downturn.
  • In April, FalconX formally registered as a U.S. swap dealer, becoming the first of its kind to enter what Yarlagadda contended to be a massive, underserved market.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.