With nearly 250,000% revenue growth in three years, BlockFi tops the Inc. 5000 list!

This year, the CeFi crypto lender faced a large fine spearheaded by the SEC and survived the harsh crypto winter to become Inc. magazine's No. 1 revenue gainer.

BlockFi has been named the fastest growing company in the United States in 2022 by Inc. magazine.

It topped the magazine's Inc. 5000 2022 list with 245,616% growth, a lead of more than 99,000% over the second-place company, a nursing recruitment platform.

Across all 5,000 entries, the median growth rate was 230%.

According to the magazine, the Inc. list "ranks companies based on overall revenue growth over a three-year period."

Three years is practically an epoch in the fast-paced world of crypto, and BlockFi's achievement is especially noteworthy after a number of dramatic turns for the company and the industry this year.

According to a related article in Inc., CeFi crypto financial services company BlockFi began the year as a unicorn in talks with JPMorgan about going public.

The company's $100 million fine to the Securities and Exchange Commission (SEC) and US states in February for alleged unregistered securities sales was hailed as at least partially good news, as it set the company on track to create the first SEC-regulated crypto product from their BlockFi Interest Account.

However, by midyear, BlockFi had lost its unicorn status, dragged down by the impending crypto winter.

It laid off 20% of its 850 employees shortly after Celsius froze withdrawals, but BlockFi cofounder Flori Marquez told Inc. that the layoff was planned and the timing was coincidental.

At the time, she and cofounder Zac Prince described the decision as "gut wrenching."

In July, BlockFi announced a $250 million loan agreement with FTX US, which was quickly upgraded to a $400 million revolving credit facility with an option to acquire BlockFi "at a variable price of up to $240 million."

To be considered for the Inc. 5000 list, a business must submit an application and pay a fee, which this year ranged from $195 to $245 depending on the date the application was submitted.

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