Inc. magazine named BlockFi the fastest growing company in the United States in 2022. Topping the list of Inc. 5000 magazine 2022, it recorded a growth of 245,616%, an advantage of more than 99,000% over the company in second place, a platform for the recruitment of nurses. The median growth rate was 230% across all 5,000 items.
The Inc. list “ranks companies based on overall revenue growth over a three-year period,” according to the magazine. In the fast-moving world of cryptocurrencies, three years is pretty much an era, and BlockFi’s accomplishment is particularly noteworthy after a series of dramatic turns for the company and industry this year.
An accompanying article in Inc. noted that crypto financial services firm CeFi BlockFi started the year as a unicorn in talks with JPMorgan to go public. The $ 100 million fine the company paid to the Securities and Exchange Commission (SEC) and the United States in February for allegedly unregistered sales of securities was hailed as at least partly good news, as it initiated the company towards the creation of the first SEC regulated cryptocurrency produced by their BlockFi interest account.
But BlockFi had lost its unicorn status by the middle of the year, brought down by the incipient winter of cryptocurrencies. It fired 20% of its 850 staff members immediately after Celsius froze withdrawals, although BlockFi co-founder Flori Marquez insisted with Inc. that the layoff was planned and that the timing was random. She and co-founder Zac Prince called the decision “heartbreaking” at the time.
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BlockFi announced a $ 250 million loan deal with FTX US in July, and that deal was quickly upgraded to a $ 400 million revolving credit line with an option to acquire BlockFi “at a variable price up to to $ 240 million “.
To be considered for the Inc. 5000 listing, a company must submit an application and pay a fee, which ranged from $ 195 to $ 245 this year, depending on the application submission date.