A valuation of $ 3.2 billion
On its Twitter account, the Blockstream company unveiled the closing of a fundraiser of 210 million dollars (Series B). This new round of funding allows Adam Back’s firm to be valued at nearly $ 3.2 billion.
We’re excited to announce that we’ve raised $ 210 million as part of our Series B financing on a valuation of $ 3.2 billion, led by @BaillieGifford and iFinex, operator of @Bitfinex, to continue our mission building financial infrastructure on #Bitcoin. https://t.co/bIxLTrRp1F pic.twitter.com/7SL2AmGGmd
– Blockstream (@Blockstream) August 24, 2021
British investment management firm Baillie Gifford and iFinex (the parent company of cryptocurrency platform Bitfinex) participated in the fundraiser, according to the statement.
The objective of this funding is to allow Blockstream to expand into the mining industry, particularly in the manufacture of ASICs.
In addition, this extension was accentuated by the takeover of the company Spondoolies. Indeed, the press release specifies that Blockstream has acquired the Israeli firm specializing in the manufacture of bitcoin mining equipment (BTC).
In addition, the capital will also be used for the development of new financial products centered on bitcoin and to optimize the Liquid sidechain intended for financial players.
In addition to the financial context, this transaction makes it possible to integrate Allen Farrington, investment director of Baillie Gifford, within the board of directors of Blockstream.
“Blockstream’s bitcoin-based development and asset management platforms can help significantly decentralize financial infrastructure, democratize control of investment products, and firmly anchor openness in financial markets. I look forward to working closely with Blockstream to make this a reality, ”said Alain Farrington.
Previously, Blockstream had already raised $ 21 million in seed funds and it was not until 2016 (to accelerate its growth) that the firm made its first Series A funding round to raise nearly $ 57 million. dollars.
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About the Author: Anthony Bassetto