• Blockstream, a Canadian Bitcoin miner, has joined the ranks of crypto unicorns with a $3.2 billion valuation

  • Blockstream, a Bitcoin (BTC) infrastructure company co-founded by cryptographer and cypherpunk Adam Back and valued at $3.2 billion, has achieved unicorn status.

    The company, which focuses on various Bitcoin-related areas — including operating as a mining service provider and developing renewables-based infrastructure to “green” the veteran cryptocurrency — has raised $210 million in its latest financing round.

    The UK-based private equity firm Baillie Gifford and Hong Kong-based iFinex, the operator of crypto exchange Bitfinex, are among Blockstream’s new supporters, joining current investors such as Twitter CEO Jack Dorsey.

    Baillie Gifford said it has “enormous respect for Blockstream’s founders and management team” and believes that “its settlement network for Bitcoin-based assets and securities has the potential to transform the design and operation of capital markets” in a statement about the reasons for Blockstream’s $3.2 billion valuation and new capital investment.

    According to reports, Blockstream Chief Strategy Officer Samson Mow stated that the investment will help the company grow and extend its mining activities. The business recently purchased ASIC manufacturer Spondoolies, and according to Mow, the company wants to construct its own ASIC miner for internal use and retail sale “sometime in 2022.”

    Blockstream also plans to seek more funds in the future months to enhance its numerous activities, according to Mow. The Blockstream Satellite network, which broadcasts the Bitcoin blockchain around the world 24 hours a day, 7 days a week, and the debut of Blockstream Energy, which allows energy providers to sell surplus electricity to proof-of-work miners, are two examples.

    Blockstream announced the creation of a security token backed by the company’s mining activities in March of this year, with the goal of providing a more flexible alternative to Bitcoin mining stocks or physical mining infrastructure.

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