Blockstream raises $ 210 million, now price $ 3.2 billion

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Bitcoin infrastructure firm Blockstream has announced a $ 210 million Series B financing round led by investment management company Baillie Gifford and iFinex. The increase now brings the company to a valuation of $ 3.2 billion, according to a press release sent to Bitcoin Magazine.

A portion of the money raised will be spent on further developing Blockstream’s Bitcoin mining products and services such as Blockstream Energy. The new mining infrastructure they are building will be used in many partnerships, such as their collaboration with Square where they are developing a solar powered mining facility.

The rest of the money will be used to build a financial infrastructure with Bitcoin-focused financial products and Liquid, a sidechain-based settlement network that enables faster, more confidential Bitcoin transactions.

“We have great respect for the founders and management team at Blockstream, and believe that its settlement network for Bitcoin-based assets and securities has the potential to transform the way capital markets are designed and operated,” said a spokesman for Baillie Gifford.

Blockstream also acquired the intellectual property of mining hardware maker Spondoolies and announced that its core team will join Blockstream to build Blockstream’s ASIC arm. Spondoolies has been on site since 2013, is building five successful mining products and supplies energy-efficient and powerful mining hardware.

“The pedigree of the Spondoolies team in Bitcoin ASIC design and engineering compliments our enterprise-class mining infrastructure and will accelerate our continued expansion and decentralization of the Bitcoin mining space,” said Dr. Adam Back, Blockstream CEO. “Blockstream is bringing the Spondoolies core team on board and acquiring appropriate intellectual property in order to bring the world’s first enterprise-class miner onto the market next year.”


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