Embrace the down round

Several media outfits reported earlier this week that the crypto lending platform BlockFi is looking to raise roughly $100 million in fresh funding in a round that would value the company at about $1 billion. Very notably, when BlockFi last raised money from investors — $350 million in March of last year — the investors assigned the company a $3 billion valuation.
That’s a pretty breathtaking drop, and in the world of venture-backed startups, where everyone feels compelled at all times to be “killing it,” the price adjustment could be construed as a black mark aga

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