Bitcoin Developer Blockstream Raises $210M to Boost BTC Operations

Canada-based blockchain firm Blockstream has raised $210 million through a convertible note offering led by Fulgur Ventures. The company also noted in a statement seen by Bloomberg that it has appointed Michael Minkevich as its chief operating officer (COO).

Blockstream Grows Business

Founded by its CEO, Adam Back, in 2014, Blockstream is often regarded as one of the earliest blockchain-focused companies. On his part, he has a long history with cryptocurrencies and is widely known as a Bitcoin proponent.

Blockstream said it would use the latest cash injection to build its layer-2 technologies and mining business and increase its BTC holdings. Notably, the Bitcoin development firm secured $125 million through a convertible note and loan in January 2023 to bolster its mining subsidiary, Blockstream Mining.

Recently, various firms have poured money into Bitcoin, indicating their long-term bet on the leading cryptocurrency. At the top of the list of corporate companies holding BTC is the business intelligence firm MicroStrategy, which has 252,220 BTC. Blockstream’s decision to boost its bitcoin treasury shows its commitment to supporting the Bitcoin ecosystem.

Commenting on the latest funding round, Blockstream’s CEO said:

“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’s latest recruit, Michael Minkevich, worked under product engineering at Luxoft Holdings Inc. before joining the blockchain firm.

More Crypto Fundings

After FTX’s catastrophic crash in November 2022, many crypto-focused firms struggled to receive funding for their business operations as venture capital firms and other investors worried about the crypto market’s stability.

Fast-forward to the present, public data shows that investors have rekindled their confidence and resumed pouring billions of dollars into crypto firms. A recent study showed that crypto companies received $3.8 billion in the third quarter of 2024.

The Bitcoin staking firm Solv recently secured $11 million from institutional and angel investors to finance its operations.