Blockstream Secures $210 Million in Funding
Blockstream, a prominent Bitcoin infrastructure company founded by industry pioneer Adam Back, has successfully raised $210 million in a recent financing round.
Focus Areas for Utilization of Funds
- Enhance the adoption of layer-2 solutions
- Expand mining operations
- Increase Bitcoin treasury holdings
Strategic Initiatives for Layer-2 and Mining Growth
In a press release dated October 15, Blockstream announced that the convertible note financing round, led by Fulgur Ventures, aims to accelerate the rollout of its layer-2 platforms. The funding will also assist in scaling up mining operations, strategically positioning the company ahead of the anticipated Bitcoin market cycle.
Previous Fundraising Success
Earlier in August 2023, Blockstream secured $125 million, which was utilized to expand its mining capabilities in preparation for the 2024 Bitcoin halving event.
Blockstream has closed a $210M convertible note financing round led by @FulgurVentures, driving our mission to bring Bitcoin into global finance.
This capital accelerates layer-2 development, expands mining ahead of the next Bitcoin cycle, and grows one of the world’s largest… pic.twitter.com/gi1ov0LCYU
— Blockstream (@Blockstream) October 15, 2024
Long-term Vision and New Leadership
In addition to layer-2 expansion, which includes the Liquid Network sidechain launched in 2018, Blockstream plans to leverage the new funding to acquire more Bitcoin, as the company stands among the largest Bitcoin holders globally.
Adam Back, co-founder and CEO of Blockstream, remarked, “This latest fundraise represents a defining moment for Blockstream as we embark on a critical new phase of growth to further bridge the gap between Bitcoin and the wider world of finance.”
Leadership Enhancement
Alongside securing funding, Blockstream announced the appointment of Michael Minkevich as the new Chief Operations Officer (COO). Minkevich will drive the company’s next growth phase, transitioning from his prior role as product engineer lead at Luxoft, a publicly-traded company.
