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FalconX raises $150M at an $8B valuation

Jun 22, 2022
Illustration of an open briefcase full of coins.

Illustration: Aïda Amer/Axios

FalconX, a crypto prime brokerage serving the institutional market, has raised $150 million in Series D funding and more than doubled its valuation from last August.

Why it matters: The pace of crypto dealmaking may have slowed, but there are still plenty of VC dollars ready to be deployed.

Details: The round values FalconX at $8 billion — compared to $3.75 billion in its $210 million Series C raise — and was co-led by Singaporean sovereign wealth group GIC and Swiss investment firm B Capital.

  • Thoma Bravo, Wellington Management, Adams Street and Tiger Global Management also participated.

Context: Cryptocurrency prices are down, layoffs are underway across the industry, and a few bad bets have led some industry participants to liquidate their positions. That's led to an overall slowdown in dealmaking.

Yes, but: There is an extraordinary amount of dry powder yet to be deployed, as crypto firms have raised an unprecedented amount of funds in the past six months.

Quick take: In times of uncertainty, there's a flight to safety. So it's no surprise that a company like FalconX — which serves a more secure, institutional client base — is having investors double down while others are facing down rounds.

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