Digital Assets: Bitcoin Infrastructure Company Blockstream Raises $125M
Blockstream, a leading Bitcoin infrastructure firm, has raised $125 million in convertible note and secured loan financing to expand its institutional bitcoin mining services. Kingsway Capital led the convertible note, with other investors including Fulgur Ventures.
Blockstream will use the new capital to expand mining facilities in order to meet the strong demand for its institutional hosting services. The company will also expand its renewable energy mining products and continue developing its own bitcoin miner. The latter is planned to be the first institutional-grade bitcoin miner purpose-built to scale. (CISION PRWeb)
In August 2021, the company raised a $210 million Series B capital round to fund the construction of several enterprise-class mining facilities with capacity for institutional hosting customers.
“This fundraise allows us to accelerate the YoY revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy,” said Blockstream President & CFO, Erik Svenson said in a statement. “We remain focused on reducing risk for institutional bitcoin miners and enabling enterprise users to build high-value use cases on the most secure, robust, and scalable blockchain in the world – Bitcoin.”
Blockstream remains a market leader in Bitcoin “layer-2” technologies like Core Lightning and the Liquid Network. The company’s CEO, Dr. Adam Back, believes that recent events in the broader cryptocurrency industry underscore the value and importance of the work Blockstream is doing in both blockchain development and bitcoin mining.
“The resulting refocus on security and decentralization presents an opportunity for market participants to move to Bitcoin-based non-custodial architectures, like the Liquid ecosystem of startups with decentralized market technology,” said Dr. Back.
Related Story: Giant Bitcoin Mining Outfit In Texas Gets Four Tesla Megapack Batteries
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