# BlockFi: Chapter 11 plan became effective

BlockFi Inc. and affiliated debtors; Jersey City cryptocurrency financial-services business · United States · Crypto financial services

Evidence reviewed Oct 26, 2026. Historical event record.

BlockFi announced a $3bn private valuation in March 2021. It and eight affiliates filed Chapter 11 cases in November 2022. Its plan became effective on October 24, 2023; a subsequent court opinion records the debtors’ continuing wind-down.

## Historical private valuation

$3bn · Mar 11, 2021

Company-announced valuation following completion of $350m Series D; pre/post-money not specified in issuer release.

[BlockFi via PR Newswire](https://www.prnewswire.com/news-releases/blockfi-completes-350-million-series-d-301245605.html)

## Documented event

Chapter 11 plan became effective · Oct 24, 2023

No transaction price shown. Effective date of plan and ensuing wind-down, independently recorded in a 2025 Bankruptcy Court opinion.

[U.S. Bankruptcy Court for the District of New Jersey / govinfo](https://www.govinfo.gov/content/pkg/USCOURTS-njb-3_22-bk-19361/pdf/USCOURTS-njb-3_22-bk-19361-6.pdf)

## What changed

BlockFi and eight affiliates entered Chapter 11 in November 2022. Plan effectiveness in October 2023 led to a wind-down, rather than the restart of the former lending business. A July 2025 bankruptcy-court opinion records that continuing wind-down. The process and creditor distributions do not establish the return earned by any venture investor.

## Timeline

### Mar 11, 2021 — Private funding valuation disclosed

Company-announced valuation following completion of $350m Series D; pre/post-money not specified in issuer release.

[BlockFi via PR Newswire](https://www.prnewswire.com/news-releases/blockfi-completes-350-million-series-d-301245605.html)

### Nov 28, 2022 — Chapter 11 cases commenced

BlockFi and eight affiliates filed voluntary Chapter 11 cases in the District of New Jersey.

[BlockFi via Business Wire; syndicated by FinancialContent](https://markets.financialcontent.com/bpas/article/bizwire-2022-11-28-blockfi-commences-restructuring-proceeding-to-stabilize-business-and-maximize-value-for-all-clients-and-stakeholders)

### Oct 24, 2023 — Chapter 11 plan became effective

Effective date of plan and ensuing wind-down, independently recorded in a 2025 Bankruptcy Court opinion.

[U.S. Bankruptcy Court for the District of New Jersey / govinfo](https://www.govinfo.gov/content/pkg/USCOURTS-njb-3_22-bk-19361/pdf/USCOURTS-njb-3_22-bk-19361-6.pdf)

## Disclosed investors

Historical funding participation; not current ownership or investor losses.

- Bain Capital Ventures — [BlockFi via PR Newswire](https://www.prnewswire.com/news-releases/blockfi-completes-350-million-series-d-301245605.html)

- Partners of DST Global — [BlockFi via PR Newswire](https://www.prnewswire.com/news-releases/blockfi-completes-350-million-series-d-301245605.html)

- Pomp Investments — [BlockFi via PR Newswire](https://www.prnewswire.com/news-releases/blockfi-completes-350-million-series-d-301245605.html)

- Tiger Global — [BlockFi via PR Newswire](https://www.prnewswire.com/news-releases/blockfi-completes-350-million-series-d-301245605.html)

## Sources

- [BlockFi Completes $350 Million Series D](https://www.prnewswire.com/news-releases/blockfi-completes-350-million-series-d-301245605.html) — BlockFi via PR Newswire; published Mar 11, 2021; accessed Oct 26, 2026; primary source.

- [BlockFi Commences Restructuring Proceeding to Stabilize Business and Maximize Value for all Clients and Stakeholders](https://markets.financialcontent.com/bpas/article/bizwire-2022-11-28-blockfi-commences-restructuring-proceeding-to-stabilize-business-and-maximize-value-for-all-clients-and-stakeholders) — BlockFi via Business Wire; syndicated by FinancialContent; published Nov 28, 2022; accessed Oct 26, 2026; primary source.

- [In re BlockFi Inc., case 22-19361-MBK, Document 2586](https://www.govinfo.gov/content/pkg/USCOURTS-njb-3_22-bk-19361/pdf/USCOURTS-njb-3_22-bk-19361-6.pdf) — U.S. Bankruptcy Court for the District of New Jersey / govinfo; published Jul 1, 2025; accessed Oct 26, 2026; primary source.

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