Blockstream is a Bitcoin and blockchain infrastructure company offering sidechain technology (Liquid Network) for Bitcoin swap settlements and enterprise smart contracts, colocation services for miners, the Core Lightning implementation, and the open-source Blockstream Jade hardware wallet. Led by CEO Dr. Adam Back, the company provides enterprise-class mining facility services and software for Lightning Network deployments. Blockstream announced a USD125M raise via convertible note and secured loan financing. The company intends to use the funds to expand its renewable-energy mining products and continue developing its own bitcoin miner. Management said the fundraise will help accelerate year-over-year revenue growth created with its 2021 Series B. The firm is based in Montreal, Canada. Blockstream builds Bitcoin and blockchain infrastructure products, including the Liquid Network, enterprise mining services, a cryptocurrency data feed with ICE, and the Blockstream Green wallet. Founded in 2014 and headquartered in Victoria, BC, it operates with distributed teams led by CEO Dr. Adam Back. The company raised $210M in a Series B at a $3.2B valuation and will use the capital to develop Bitcoin-focused financial products and to expand the Liquid Network. Blockstream also acquired Spondoolies’ intellectual property and core team to establish an ASIC arm and advance its mining hardware capabilities. It is developing Blockstream Energy to maximize renewable energy returns at power production sites and plans to deploy new mining infrastructure in partnerships worldwide, including a collaboration with Square on an open-source, solar-powered mining facility in the U.S. Since launch, the Liquid Network has amassed more than $1.1 billion in network value. Blockstream Mining operates bitcoin mining facilities and announced a partnership with Square to advance renewable mining. Square will invest $5 million to build an open-source, solar-powered bitcoin mining facility at one of Blockstream's U.S. sites. Blockstream said the facility will be a proof-of-concept for a 100% renewable-energy Bitcoin mine at scale. Square described the collaboration as part of its Bitcoin Clean Energy Initiative in a tweet. The project is framed as an open-source effort, indicating Blockstream intends to make designs accessible. The article does not disclose revenue, users, or other operating metrics. Blockstream develops blockchain infrastructure and sidechain technology under the open-source Elements Project. Its first commercial sidechain product, Liquid, provides an interchange settlement service for Bitcoin exchanges and brokerages. The company plans to use the new funding to bring sidechain-based blockchain innovations to market, expand operations globally, and support industry partners. Blockstream also announced a strategic partnership with PwC to apply its capabilities to established industry sectors. The company was founded by Austin Hill, Dr. Adam Back, Gregory Maxwell and Dr. Pieter Wuille. Blockstream is a San Francisco-based startup co-founded by Austin Hill and Adam Back that focuses on advancing Bitcoin's core technology. The company plans to extend Bitcoin through sidechains and develop new ways to accelerate innovation in cryptocurrencies, open assets and smart contracts. It recently released a “sidechains paper” describing its initial area of focus. Blockstream raised $21m in seed funding to support those efforts. The round and the company’s work are aimed at supporting massive scaling of Bitcoin and blockchain technology to a broad range of asset types. Nearly 40 investors participated in the seed round to back the protocol-level development efforts.

Total raised

$416M

Funding rounds

6

Latest round

Convertible Note

Latest activity

Jan 2023