$125 Million Raised by Blockstream
Share this article
An editor at Coincrop
30 Jan 2023 | 4 min read
lockstream recently announced they have raised an incredible $125 million in secured loan and convertible note financing to expand their institutional bitcoin mining services. The remarkable raise was led by Kingsway Capital, and several other investors including Fulgur Ventures also joined the funding round.
The Blockstream announcement states that the funds will be used to broaden their Bitcoin mining operations in order to provide their institutional hosting services, which is still needed due to an industry-wide lack of available power and the company's exceptional track record and capacity.
Following the August 2021 $210 million raise that valued Blockstream at $3.2 billion, the company has once again secured a substantial increase in funds to continue building its mining infrastructure and ASIC manufacturing capabilities for institutional customers. This additional cash injection will further allow Blockstream to bolster their vertical integration strategy as they move forward with these projects.
“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,”Erik Svenson, President and CFO of Blockstream, had this to say. “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.”
Dr. Adam Back, the CEO of Blockstream, declared that “With 2022 being punctuated by multiple large scale centralized party and protocol failures, we believe this has been a learning experience for the market: that the fundamental value of blockchains is in reducing the need to trust third parties.”
Blockstream is a top-tier bitcoin mining operator with more than 500 megawatts (MW) of potential projects in the pipeline, cementing its status as one of the world's largest. Additionally, Blockstream is an industry leader in Layer 2 Bitcoin technologies such as Core Lightning (CLN) and Liquid Network.
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.
Compare over 47,341 CeFi and DeFi products across more than 225 organizations here