Bitcoin firm Blockstream secures $210m to drive layer-2 growth
Blockstream will use the $210 million debt funding to boost adoption of its layer-2 solutions
The company will also utilise the funds to add to its mining operations and treasury.
Blockstream, a Bitcoin infrastructure company founded by industry OG Adam Back, has announced it raised $210 million to fund various aspects of the company’s business.
Firm eyes L2 growth, mining and Bitcoin treasury
Blockstream said in a press release on Oct. 15 that the convertible note round, led by venture capital firm Fulgur Ventures, will help to fast-track the adoption of its layer-2 platforms. Blockstream will also use part of the funding to boost its mining operations ahead of “the next Bitcoin market cycle.”
In August 2023, the firm raised $125 million that it used to expand its mining as the market looked to the 2024 Bitcoin halving that happened in April.
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
As well as the L2 initiatives, which includes the Liquid Network sidechain launched in 2018, Blockstream is eyeing further growth by using the funding to purchase more BTC. The company is one of 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,” said Blockstream co-founder and CEO Adam Back.
As well as the debt funding, Blockstream announced that it had expanded its leadership with a new appointment. Michael Minkevich will now steer the company’s next growth phase as the chief operations officer. The new COO formerly worked at publicly-traded firm Luxoft as a product engineer lead.
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