Bitcoin Firm Blockstream Raises $210 Million to Boost Mining, Layer-2 Efforts

Blockstream, a major infrastructure provider for Bitcoin, raked in millions to build out its layer-2 offerings and mining business.

2 min read

Oct 15, 2024

Bitcoin technology firm Blockstream has raised $210 million via convertible note financing in its latest funding round.

Cryptocurrency-focused venture capital firm Flugur Ventures led the fundraise, Blockstream said Tuesday in a statement. The company plans to use the funds to build out its layer-2 solutions, in addition to expanding its mining operations.

"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," Blockstream co-founder and CEO Dr. Adam Back said.

As a major developer on the Bitcoin network, Blockstream offers a variety of layer-2 solutions such as the Liquid Network and other tools to enable businesses and traders to securely transact digital assets, according to the firm.

Since 2018, more than $1.8 billion in assets, including tokenized securities and stablecoins, have been issued on Liquid, Blockstream said in a statement.

The firm's technology is also used to power Bitfinex's tokenized securities offerings, among other major blockchain-based products.

This latest raise comes after Blockstream in September launched Series 3 of its Bitcoin Mining Note (BMN) 2, a security token that provides direct exposure to its Bitcoin hash rate, potentially bringing in higher returns for investors. It also follows the firm's rolling out last year of its scalable, non-custodial Lightning Network integration called Greenlight.

Edited by Andrew Hayward

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