BlockFi Tops The Inc. 5000 List

This year, BlockFi overcame a huge fine pushed by the SEC and survived the hard crypto winter to become Inc. magazine’s No. 1 revenue gainer.

BlockFi has been voted the fastest growing company in the United States in 2022 by Inc. magazine. It topped the magazine’s Inc. 5000 2022 list with 245,616% growth, a lead of more than 99,000% over the second-place business, a nursing recruitment platform. Across all 5,000 submissions, the median growth rate was 230%.

According to the magazine, the Inc. list “ranks companies by overall revenue growth over a three-year period.” Three years is almost an epoch in the fast-paced world of crypto, and BlockFi’s feat is especially noteworthy considering a series of dramatic turns for the company and the industry this year.

The company’s $100 million fine to the Securities and Exchange Commission (SEC) and US states in February for alleged unregistered securities sales was hailed as at least partially good news, as it set the company on track to create the first SEC-regulated crypto product from their BlockFi Interest Account.

However, by midyear, BlockFi had lost its unicorn status, dragged down by the impending crypto winter. It cut off 20% of its 850 employees shortly after Celsius froze withdrawals, although BlockFi cofounder Flori Marquez told Inc. that the layoff was planned and the timing was coincidental.

In July, BlockFi announced a $250 million loan agreement with FTX US, which was quickly raised to a $400 million revolving credit facility with an option to acquire BlockFi “for a variable price of up to $240 million.”

To be considered for the Inc. 5000 list, a business must submit an application and pay a cost, which this year ranged from $195 to $245 depending on the date the application was received.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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