Bitcoin storage and mining company lands R49 billion valuation

Bitcoin infrastructure firm Blockstream has raised $210 million (R3.2 billion) as part of a Series B financing, giving it a valuation of $3.2 billion (R49 billion).

Investors include Baillie Gifford and iFinex, according to a statement from the company.

Both the funding and acquisition will advance Blockstream’s other mining products and services, including the recently announced Blockstream Energy product, which maximizes renewable energy investment returns at power production sites.

The new mining infrastructure will be used in partnerships around the world, including Blockstream’s collaboration with Square to develop an open-source, solar-powered mining facility in the U.S.

Blockstream plans to launch a new crypto miner in the third quarter of 2022, said Chief Executive Officer Adam Back in emailed comments. That “will be very disruptive as traditionally miners are made in Asia,” he added.

The firm also plans to build out more of its ecosystem to further expand the Liquid Network, which enables faster, more confidential Bitcoin transactions and the issuance of digital assets, Back said.


Now read: Bitcoin bullish

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Bitcoin storage and mining company lands R49 billion valuation