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Crypto trading firm Circle is reportedly looking to raise $250M

March 2, 2019, 1:29PM EDT

Circle, the cryptocurrency trading firm, is reportedly seeking to raise an additional $250 million to run its business, according to a report by The Information's Jon Victor. The firm, which runs an over-the-counter trading desk and a cryptocurrency exchange, has already raised over $240 million from investors including Goldman Sachs and IDG Capital. 

At the time of its last fundraise, in which the firm secured $110 million from crypto miner Bitmain, Circle was valued at $3 billion. Still, as The Block reported earlier this year it is possible its valuation has dipped along with the market for digital assets. Private shares of Circle were being offered at just $3.80 — implying a $705M valuation in February. To be sure, it's unclear if any shares exchanged hands at that price. 

CEO Jeremy Allaire told The Information in an interview that the company has been impacted by a decline in cryptocurrency trading volumes. 

Elsewhere, rival Kraken is looking to raise $100 million in a funding round, whereas Coinbase recently secured $300 million in a Series E fundraise at a valuation around $8 billion. 

A spokesman for Circle did not respond to a message seeking comment.