- Blockstream will use the $210 million debt funding to increase adoption of its layer-2 options
- The firm may even utilise the funds to add to its mining operations and treasury.
Blockstream, a Bitcoin infrastructure firm based by business OG Adam Back, has introduced it raised $210 million to fund varied points of the corporate’s enterprise.
Firm eyes L2 growth, mining and Bitcoin treasury
Blockstream stated in a press release on Oct. 15 that the convertible be aware spherical, led by enterprise capital firm Fulgur Ventures, will assist to fast-track the adoption of its layer-2 platforms. Blockstream may even use a part of the funding to increase its mining operations forward of “the next Bitcoin market cycle.”
In August 2023, the firm raised $125 million that it used to develop its mining because the market appeared to the 2024 Bitcoin halving that occurred in April.
Blockstream has closed a $210M convertible be aware financing spherical led by @FulgurVentures, driving our mission to deliver Bitcoin into international finance.
This capital accelerates layer-2 growth, expands mining forward of the subsequent Bitcoin cycle, and grows one of many world’s largest… pic.twitter.com/gi1ov0LCYU
— Blockstream (@Blockstream) October 15, 2024
As effectively because the L2 initiatives, which incorporates the Liquid Network sidechain launched in 2018, Blockstream is eyeing additional growth by utilizing the funding to buy extra BTC. The firm is among the largest holders of Bitcoin.
“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,” stated Blockstream co-founder and CEO Adam Back.
As effectively because the debt funding, Blockstream introduced that it had expanded its management with a brand new appointment. Michael Minkevich will now steer the corporate’s subsequent growth section because the chief operations officer. The new COO previously labored at publicly-traded firm Luxoft as a product engineer lead.
