Bitcoin (BTC) Infrastructure Firm Blockstream Raises $210M in Funding Round Led by Fulgur Ventures
- DDDOriginal
- 2024-10-16 10:00:15312browse
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.”
Bitcoin (BTC) infrastructure provider Blockstream is kicking off BTC’s next wave of growth by raising hundreds of millions of dollars.
Blockstream announced on the social media platform X that it has completed a $210 million funding round led by Fulgur Ventures, a venture capital firm that specializes in Bitcoin and Lightning Network startups.
According to Blockstream, the funds will be used to accelerate layer-2 development, expand BTC mining operations, and continue to grow “one of the world’s largest BTC treasuries.”
Regarding the successful fundraising round and the addition of a new executive, Blockstream CEO Adam Back says:
“This fundraise is pivitol 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 million financing round was closed in convertible notes, which are short-term debt instruments that can be converted into equity (shares) in a company at a later date, typically during a future financing round.
This funding round is said to be a critical step in Blockstream’s mission to integrate Bitcoin into the broader financial sector, which could have significant implications for the future of Bitcoin and finance.
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