Crypto lending firm Celsius Network has increased its $400 million B series funding round from October to $750 million as a result of oversubscription in the firm’s capital raise. The company is now currently valued at $3.5 million billion.
On Oct. 12, crypto lender Celsius Network raised a $400 million Series B funding round despite scrutiny from local regulators on crypto lending companies. The firm has now expanded the initial funding investment to almost double around $750 million with a current valuation of $3.5 billion.
CEO Alex Mashinsky expects that figure to “double or triple” next year with a valuation between $7 billion and $10.5 billion. He estimated a bullish scenario of Celsius’ valuation next year owing to the firm’s ability to provide services in almost every sector of crypto:
“I think that by itself it is worth several times what we invested. So between that and the growth of our core business, you know, the yield business, the lending business or the mining business, the DeFi business, all these things are obviously huge.”
The fact that the round was oversubscribed shows a “very good indication” of the strength of the Celsius brand, which according to him seems very user-focused.
“If you think of what we do, which is pay yield to the community, you know, we paid over $1 billion to our community and we basically get that yield from exchanges and institutions. And most of our competitors.. they charge the customers fees and give all that money to their shareholders.”
Celsius will allocate the funds to expanding into new markets and product offerings, along with building its recently announced centralized finance (CeFi) to decentralized finance (DeFi) bridging project “CelsiusX”, per the company.
Additional investments will go towards improving the “utility of its platform” and its commitment to sustainable Bitcoin (BTC) mining. Earlier this week, the crypto lender invested $300 million in Bitcoin mining operations to expand its proprietary Bitcoin mining hash rate and power capacity in North America.