The Block Research's Ryan Todd released a deep-dive profile of crypto lending and depository startup BlockFi last week, which revealed the firm's nearly $100 million in revenue for 2020.
"According to company documents reviewed by The Block Research, BlockFi now has over $8 billion in total client balances (more than 30x assets on platform in 4Q'19) with more than 125,000 funded accounts (12.5x funded accounts in 4Q'19)," Todd wrote, adding:
"Taken together, BlockFi generated nearly $100 million worth of revenue in 2020 (+22x FY'19 revenue) at nearly ~30% gross profit margins. The company is profitable entering 2021."
Looking ahead to 2021, BlockFi appears to be eyeing new business avenues. Regulatory filings published earlier this via the SEC's EDGAR system show that BlockFi filed to register a BlockFi Bitcoin Trust.
Details about the offering are few, based on the contents of the filing, though to date it appears the trust has yet to raise any funds.