BlockFi tops Inc. 5000 with 250% revenue growth in three years!

CeFi faced a big SEC penalties this year and weathered the crypto winter to become Inc. magazine's top revenue gainer.

BlockFi is Inc. magazine's fastest-growing startup in 2022.

At the top of Inc. 5000 2022, it grew 245,616%, leading the second-place business by more than 99,000%.

All 5,000 entries averaged 230% increase.

Inc. rates corporations by three-year revenue growth.

In the fast-moving crypto world, three years is an epoch, and BlockFi's feat is especially remarkable given a series of dramatic changes this year.

CeFi digital financial services company BlockFi started the year as a unicorn in talks with JPMorgan about going public.

The $100 million fine the business paid to the SEC and U.S. states in February for suspected unregistered securities sales was partially good news, as it set the company on pace to produce the first SEC-regulated crypto product from its BlockFi Interest Account.

Midyear, the crypto cold removed BlockFi from unicorn status.

BlockFi laid off 20% of its 850 employees after Celsius froze withdrawals, but cofounder Flori Marquez said the layoff was planned and the timing was coincidental.

The decision was "gut wrenching" for her and Zac Prince.

In July, BlockFi announced a $250 million loan transaction with FTX US, which was quickly raised to a $400 million revolving credit facility with an option to acquire BlockFi "for up to $240 million."

A company must apply and pay a fee of $195 to $245 to be considered for the Inc. 5000 list.

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