Blockstream Reaches $3.2B Valuation Following $210 Million Series B Raise

Leading blockchain firm Blockstream has announced the completion of a Series B funding round that saw it raise $210 million from notable investors.

According to a company announcement, the recently concluded funding saw Blockstream’s valuation reach a whopping $3.2 billion, as the firm looks all set to become a major player in the Bitcoin mining space.

Some of the participants in the recently concluded funding round include UK-based private equity company Baillie Gifford and iFinex, the parent company of popular cryptocurrency exchange Bitfinex, and stablecoin issuer Tether.

Interestingly, the company’s valuation of more than $3 billion will see Blockstream join the list of companies in Canada that have attained Unicorn status. The status is reserved for companies that have surpassed $1 billion, with Blockstream becoming the 15th company to join the list of firms in this category.

Blockstream Focused on Bitcoin Mining Operations

Per the report, the funds will come in handy in enhancing the company’s entire operations, especially its mining plans.

The firm has already made significant moves to foster its mining plans after it announced earlier this year that it had acquired $25 million worth of MicroBT Bitcoin miners.

Blockstream already seems to be on track to achieving success in the mining ecosystem, as the firm also added that it has secured the intellectual property of Israeli bitcoin ASIC mining manufacturer Spondoolies for an undisclosed amount.

Based on the acquisition, Blockstream will develop a new business focusing on the development of ASIC mining chips to enhance the overall performance of the Bitcoin mining process.

The Canadian-based company said it will not only use the devices for its own mining operations, but it will also develop the product to sell it on the retail market.

“We’re aiming to have it sometime in 2022, so there’s a long-time horizon before we’ll be able to get it to market,” Samson Mow, Blockstream’s chief strategy officer, said.

Mow added that the company is planning to grow its operations in all ramifications, a move that will require lots of capital. He disclosed that Blockstream may raise more funds from other investors in the coming months.