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Crypto Infrastructure Firm Blockstream Seeks To Raise Funds At 70% Lower Valuation
The under $1 billion valuation is a far cry from the $3.2 billion valuation Blockstream had received in 2021.
Kabir V.
10:16 7th Dec, 2022
Markets

Crypto infrastructure firm Blockstream is looking to raise funds at a valuation which may be under $1 billion, according to a Bloomberg report, citing sources.

This would be a significant cut in valuation for the firm, which raised a $210 million Series B at $3.2 billion in 2021. The firm had acquired Israeli bitcoin mining hardware manufacturer Spondoolies in 2021.

Blockstream, which was founded in 2014, was planning to branch out a business line making specialized mining chips known as ASICs.

Blockstream CEO Adam Back said that the company has already raised the funds.

The Victoria, British Columbia-based company had announced a collaboration with Jack Dorsey's Block to build a solar-powered Bitcoin mining facility.

Samson Mow, the ex-chief strategy officer at Blockstream, had raised $21 million for his new Bitcoin startup JAN3 at a $100 million valuation.

Source



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