- Blockstream will use $210 million in debt funding to drive adoption of layer 2 solutions.
- The company will also utilize the funds to add to its mine operations and finances.
Blockstream, the Bitcoin infrastructure company founded by industry OG Adam Back, announced that it has raised $210 million to fund various aspects of the company’s business.
The company is keeping an eye on L2 growth, mining, and Bitcoin treasury.
Blockstream said in an Oct. 15 press release that the convertible note round, led by venture capital firm Fulgur Ventures, will help accelerate adoption of its layer 2 platform. Blockstream will also use some of the funds to boost its mining operations ahead of the “next Bitcoin market cycle.”
In August 2023, the company raised $125 million, which it used to expand mining as the market anticipated the 2024 Bitcoin halving that occurred in April.
Blockstream closed a $210 million convertible note financing round. @FulgurVenturesWe are advancing our mission to bring Bitcoin to global finance.
This capital will accelerate layer 2 development, scale mining ahead of the next Bitcoin cycle, and create the world’s largest… pic.twitter.com/gi1ov0LCYU
— Blockstream (@Blockstream) October 15, 2024
Blockstream is seeking further growth by using the funds to purchase more BTC, as well as its L2 initiative, which includes the Liquid Network sidechain launched in 2018. The company is one of the largest holders of Bitcoin.
“This fundraising represents a defining moment for Blockstream as we embark on a significant new phase of growth to bridge the gap between Bitcoin and the broader financial world,” said Adam Back, co-founder and CEO of Blockstream.
Blockstream announced that it had expanded its leadership with new personnel along with raising debt financing. Michael Minkevich will now lead the company’s next phase of growth as Chief Operating Officer. The new COO previously worked as a product engineer lead at Luxoft, a publicly traded company.