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Blockstream Closes $210,000,000 in Funding To Accelerate Development ‘Ahead of Next Bitcoin Cycle’

October 15, 2024

Bitcoin (BTC) infrastructure firm Blockstream is raising hundreds of millions of dollars in funding ahead of BTC’s next big wave.

In a post on the social media platform X, Blockstream confirms that it just concluded a $210,000,000 funding round led by Fulgur Ventures.

Fulgur Ventures is a venture capital firm specializing in Bitcoin and Lightning Network start-ups.

According to Blockstream, the funds will be used to quicken layer-2 developments, expand BTC mining operations and continue to grow “one of the world’s largest BTC treasuries.”

Says Blockstream CEO Adam Back on the successful fundraising round and the addition of a new executive:

“This fundraise is pivotal in our journey to bridge Bitcoin with broader finance.

We’re excited to bring on Michael Minkevich as COO (Chief Operations Officer), and to have Fulgur Ventures’ support in advancing Bitcoin finance.”

The $210,000,000 financing round was closed in convertible notes, short-term debt instruments that can be converted into equity (shares) in a company at a later date, usually during a future financing round.

According to the announcement, this funding round is considered a crucial step in Blockstream’s mission to connect Bitcoin with the broader finance sector, potentially having significant implications for the future of Bitcoin and the financial industry.

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