Key Points:
This fund was utilized to build several enterprise-class mining facilities with the capacity for institutional hosting customers and to strengthen Blockstream’s vertical integration with the acquisition of Spondoolies to design and manufacture Blockstream’s own ASIC and enterprise miner.
Blockstream currently has over 500 MW of power capacity in the development pipeline. Its business also extends to hardware and L2 technologies such as Core Lightning.
According to previous news, Blockstream raised $210 million in Series B financing in 2021. This fund was utilized to build several enterprise-class mining facilities with the capacity for institutional hosting customers and to strengthen Blockstream’s vertical integration with the acquisition of Spondoolies to design and manufacture Blockstream’s own ASIC and enterprise miner.
Blockstream President & CFO Erik Svenson said in the statement:
“This fundraise allows us to accelerate the YoY revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy. We remain focused on reducing risk for institutional bitcoin miners and enabling enterprise users to build high-value use cases on the most secure, robust, and scalable blockchain in the world – Bitcoin.”
In December, Bloomberg reported that the company was seeking to raise new funding at a valuation 70% lower than its previous funding round (less than $1 billion).
In contrast to “prop” miners and their lenders, who have been more directly exposed to Bitcoin price volatility and tight margins, hosting has remained a robust market sector.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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