Blockstream Closes $210M Convertible Note Financing Round Led by Fulgur Ventures
The bitcoin infrastructure company has completed a $210 million convertible note financing round, led by Fulgur Ventures. The funds will be used to fast-track the adoption and development of Blockstream’s layer-2 technologies, expand mining activities, and increase bitcoin treasury holdings.
"This latest fundraise represents a defining moment for Blockstream as we embark on a critical new phase of growth to further bridge the gap between Bitcoin and the wider world of finance," said Blockstream CEO Adam Back.
- Blockstream's layer 2 solutions include the Liquid Network, a federated Bitcoin sidechain for multiple types of tokenized assets, Blockstream Greenlight, a service for non-custodial Lightning Network payments, and Core Lightning (CLN) implementation.
- According to the press release, over $1.8 billion in assets, including stablecoins, tokenized bonds, and securities, have been issued on Liquid to date, with more than 3,844 BTC (~$250 million) locked on-chain.
- The company also announced the addition of Michael Minkevich to its leadership team. He was previously responsible for product engineering at Luxoft Holdings Inc.
"We are especially excited to welcome Michael Minkevich as COO, and grateful for the support of Fulgur Ventures, whose combined expertise will be vital, as we look to capitalize on new opportunities across the financial industry and other key sectors," said Adam Back.
- "I’m thrilled to work with Dr. Adam Back, one of the pioneers of the Bitcoin revolution on helping our customers bring digital assets to the mainstream. Blockstream has a unique product portfolio and one of the best engineering teams building reliable Bitcoin solutions, making it perfectly suited to lead the ongoing transformation of the fintech industry,” said the new company's COO, Michael Minkevich.
- At the same time, Blockstream has launched its Blockstream Mining Note 2 (BMN2) Series 4 on its primary digital marketplace, STOKR, priced at $35,000 for eligible investors.
- Since the first BMN2 series was launched on July 12, 2024, Blockstream's MiFID II-compliant security token has raised $13.8 million with 472 BMN2 tokens issued worldwide, was stated in a blog post.
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