Blockstream Raise $210 Million Series B With $3.2 Billion Valuation

Bitcoin infrastructure firm Blockstream is now valued at $3.2 billion after a $210 million Series B raise.

The valuation of Blockstream has gone up to $3.2 billion after completing the Series B round in which some of the participants included iFinex and Baillie Gifford. Blockstream aims to use the funds towards manufacturing mining chips.

Blockstream has further solidified its positioning as a cryptocurrency unicorn firm following the latest funding.

The UK private equity firm Baillie Gifford and iFinex, the parent company of Bitfinex and Tether, participated in the round, while other organizations were not named.

Baillie Gifford’s spokesperson wrote in a statement:

“We have enormous respect for Blockstream’s founders and management team. We believe its settlement network for bitcoin-based assets and securities has the potential to transform the design and operation of capital markets.”

According to Blockstream’s Chief Strategy Officer, Samson Mow, the fresh funds will be utilized to enhance the firm’s mining operations.

Blockstream also acquired the intellectual property of mining hardware manufacturer Spondoolies and announced their core team will be joining Blockstream to build Blockstream’s ASIC arm. Spondoolies has been on the scene since 2013, building out five successful mining products as well as delivering energy-efficient and high-performance mining hardware.

Blockstream CEO Dr. Adam Back commented:

“The Spondoolies team’s pedigree in Bitcoin ASIC design and engineering complements our enterprise-class mining infrastructure, and will accelerate our continuing expansion and decentralization of the Bitcoin mining space. Blockstream is bringing on board the Spondoolies core team and acquiring related intellectual property to launch the world’s first enterprise-class miner next year.”

Earlier this year, Blockstream partnered with Jack Dorsey’s Square to release a solar-powered BTC mining facility in the US.