Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

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


Learn more about Consensus 2023, 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.


Author placeholder image

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