Bitcoin 
Ethereum 
Tether 
BNB 
USD Coin 
XRP 
Lido Staked Ether 
Cardano 
Dogecoin 
Solana 
Polygon 
TRON 
Litecoin 
Polkadot 
Binance USD 
Avalanche 
Shiba Inu 
Dai 
Wrapped Bitcoin 
Uniswap 
LEO Token 
Chainlink 
Cosmos Hub 
OKB 
Monero 
Toncoin 
Ethereum Classic 
Stellar 
Bitcoin Cash 
TrueUSD 
Internet Computer 
Lido DAO 
Filecoin 
Quant 
Aptos 
Cronos 
Hedera 
Arbitrum 
NEAR Protocol 
VeChain 
ApeCoin 
The Graph 
Pax Dollar 
Frax 
Algorand 
The Sandbox 
EOS 
MultiversX 
Rocket Pool 
Optimism Blockstream Raises $125 Million For Bitcoin Mining Expansion
Blockstream has announced they’ve raised $125 million in convertible note and secured loan financing with the aim of expanding their institutional bitcoin mining services. The raise was led by Kingsway Capital along with other investors including Fulgur Ventures.
According to the announcement, Blockstream will use the capital raised to expand their bitcoin mining facilities “in order to meet the strong demand for its institutional hosting services,” which they claim remains high “due to the company’s strong track record and substantial scale, coupled with an industry-wide shortage of available power capacity.”
This raise follows Blockstream’s August 2021 raise of $210 million which valued the company at $3.2 billion. The company utilized this previous round to build several mining facilities with the capacity for institutional hosting customers, along with the strengthening of Blockstream’s vertical integration for ASIC manufacturing.
“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, Blockstream President and CFO, commented. “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.”
Blockstream CEO, Dr. Adam Back, stated 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 one of the world’s largest bitcoin mining operators, according to the release, with more than 500 megawatts (MW) in its development pipeline. Blockstream is also a market leader in Layer 2 Bitcoin technologies like Core Lightning (CLN) and the Liquid Network.
Read More: Blockstream Raises $125 Million For Bitcoin Mining Expansion
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.