blockworks.co
Crypto lending platform Celsius Network has upped its $400 million Series B round from October to $750 million after oversubscribing the raise, the company’s CEO Alex Mashinsky told Blockworks on Wednesday.
Celsius previously closed its capital raise of $400 million, led by West Cap and Caisse de dépôt et placement du Québec (CDPQ), bringing its valuation to $3.25 billion in October.
“We paid over $1 billion to our community in yield, and I think the investors’ excitement in almost doubling the round show that our mission of ‘doing good then doing well’ is working and they want to be apart of it,” Mashinsky said. “We’re happy to include more investors that will make Celsius stronger.”
The company’s new proceeds will go toward expanding its product offerings, growing into new markets and further bridging centralized finance and DeFi via its recently announced project CelsiusX, the company said in a statement.
Additionally, Celsius will use the funds to further improve the utility of its platform for its supportive community of users, and its commitment to sustainable Bitcoin mining, the company said.
Earlier this week, Celsius Network announced it would invest an additional $300 million into its bitcoin mining capabilities as the platform’s assets under management continue to grow, Blockworks previously reported.
Celsius began building its mining business last year as a way to diversify its sources of yield, Mashinsky told Blockworks at the time. The business will continue to scale its mining operations based on the amount of assets managed, Mashinsky added. Celsius’s AUM has grown to $28.6 billion.