Bitcoin infrastructure firm Blockstream has raised $210 million as part of its Series B round, which values the company at $3.2 billion.
Blockstream further revealed that it had acquired Israel-based bitcoin mining hardware manufacturer Spondoolies’ intellectual property in a strategic move to strengthen its position in the bitcoin mining business. Since 2017, Blockstream has been mining bitcoin at locations in Canada and the U.S.; the firm recently announced a collaborative effort with Jack Dorsey’s Square to build a solar-powered bitcoin mining facility in the U.S.
Now Blockstream seeks to expand its mining activities even further: “Blockstream is bringing on-board the Spondoolies core team and acquiring related IP to launch the world’s first enterprise-class miner next year,” CEO Dr. Adam Back explained the move.
With the move into mining hardware manufacturing, Blockstream is taking on a market previously dominated by a small number of companies.
The latest funding will further be put to use for further development around other financial products as well as the Liquid Network, a Bitcoin sidechain developed by Blockstream and governed by a federation of financial institutions. Liquid, which is designed with the needs of traders in mind and features Confidential Transactions and Confidential Assets alongside one-minute block times, has gradually grown in recent years, with over 3,213 bitcoin locked up on the network at press time.