Blockstream Raises USD $125M to Expand Mining Operations
Blockstream Mining provides colocation services to miners, across multiple enterprise-class mining facilities.
Kingsway Capital led the convertible note, with other investors including Fulgur Ventures. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as exclusive financial advisor to Blockstream.
This fast-follows Blockstream’s August 2021 $210m Series B capital raise, which was utilized to build several enterprise-class mining facilities with capacity for institutional hosting customers, and to strengthen Blockstream’s vertical integration with the acquisition of Spondoolies to design and manufacture Blockstream’s own ASIC and enterprise miner.
Building on strong year-on-year revenue growth for 2022, Blockstream will use the new capital raised, including its first debt financing, to expand mining facilities in order to meet the strong demand for its institutional hosting services. Demand for Blockstream’s hosting services remains high due to the company’s strong track record and substantial scale, coupled with an industry-wide shortage of available power capacity.
