Bitcoin infrastructure firm Blockstream has closed a $210 million Series B funding round to enter the aggressively growing crypto unicorn club. Blockstream’s valuation grew to $3.2 billion. The funding round saw participation from iFinex, the parent company of Tether and Bitfinex along with Scotland-based investment firm Baillie Gifford.
The Bitcoin infrastructure provider aims to expand its ASIC mining infrastructure and build new products for the crypto market using the newly raised capital. The latest funding round also comes along with the acquisition of Israeli Bitcoin mining hardware manufacturer Spondoolies. The firm would join Blockstream in developing its ASIC mining arm.
Blockstream CSO Samson Now said the company is working towards the next leg of expansion which will include Bitcoin mining products and financial solutions. He explained,
“we’re kind of like blending the worlds of finance and industrial Bitcoin mining right now, but the financial aspect of our company is going to grow,” said Mow. “We’re going to have hedge fund-type products like alpha funds, essentially, Bitcoin alpha funds, and US dollar alpha funds, and other innovative things that we can’t mention now.”
Blockstream Branded Miners to Hit Market by Next Year
Blockstream aims to expand its Series B funding round further and collect nearly $300-$400 million. The latest funding round comes nearly after five years of Series A funding round. Mow mentioned that they have been a true Bitcoin company for longer than anyone else. He mentioned that the firm holds Bitcoin on its balance sheet well before MicroStrategy. He also claimed the reason behind such a big gap between the first and second funding round was mainly because they didn’t need those additional funds.
Adam Back, the CEO of the company said he expects Blockstream branded miners to hit the market by the third quarter of 2022. He said,
“We actually expect to have Blockstream-branded miners in the market in Q3 next year,”