BeInCrypto Weekly News Round-Up: March 12, 2021

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In Brief
  • BlockFi raised $350 million in its latest investment round, valuation now around $3 billion.

  • Coinbase shares valued around $350 in private auction on Nasdaq, raising valuation to $90 billion.

  • Sequential records broken for most expensive NFTs, first $7.56 million, then $69 million.

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Welcome to BeInCrypto’s weekly news roundup for March 8 – 12, where we cover all the interesting news that happened in crypto from Monday to Friday.

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Stories of high valuation took the crypto world this week. Crypto-lending platform, BlockFi, saw its valuation rise to $3 billion after a successful investment round. A private auction of shares on the Nasdaq put leading crypto exchange Coinbase’s valuation at $90 billion. Additionally, some of the largest sales in the NFTs marketplace took place this week.

BlockFi Raises $350 million

In its latest investment round, BlockFi raised $350 million, putting the company’s value at over $3 billion. The latest round came six months after the New Jersey-based company was valued at $435 million, after raising $50 million. BlockFi raised over $100 across three previous rounds of funding since 2019.

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The latest Series D funding came from several venture capitalists, including Bain Capital, Pomp Investments, and Tiger Global. These three have a history of investing in the cryptocurrency and decentralized technology space. Tiger Global even invested $500 million in Coinbase in 2019.

Coinbase Valued at $90 billion

Meanwhile, a private auction on the Nasdaq Private Market priced Coinbase shares at $350 each. This puts the crypto exchange’s valuation at $90 billion. Although the actual price may vary, private sales are generally a good indicator of the public share price. This was the last round of private sales before the company goes public.

Coinbase announced in January that it would be going public. But rather than an Initial Public Offering (IPO), the company opted for a direct listing instead. The SEC filing approval revealed that the stock would be listed as a Class A security under the ticker of “COIN.”

Record NFT Sales

NFTs have been surging in popularity recently, so it’s no surprise that we continue seeing sales records broken. An NFT from the CryptoPunk collection sold for 4,200 Ethereum, roughly $7.56 million at the time of purchase. The particular NFT is one of 10,000 in the CryptoPunks collection and has several distinctive attributes that set it apart. This sale also broke the record for the largest amount spent on a single NFT, according to NFT data aggregator CryptoSlam. 

That was until Christie’s became the first auction house to close on an NFT. “EVERYDAYS: THE FIRST 5000 DAYS” by digital artist Beeple sold for a record $69 million. That is even more money than has been spent on Frida Kahlo, Salvador Dalí, or Paul Gauguin. The piece is an amalgamation of individual works by the artist. Each piece was created in a daily sequence for over 13 years. The piece was minted as an NFT on February 16. Although this is the largest sale yet, by far, given the exponential popularity NFTs have been seeing, it’s unlikely to remain so.

Tune in next Friday for BeInCrypto’s latest weekly roundup!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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