Crypto infrastructure firm Blockstream raised $125 million in convertible note and secured loan financing. Venture capital firm Kingsway Capital led the convertible note rise, with Fulgur Ventures participating in the round. Crypto infrastructure firm Blockstream raised $125 million in convertible note and secured loan financing, according to a press release on 24 January. The company, […]
$210 million at a valuation of $3.2 billion in August 2022, stated that the proceeds would be used to expand its mining facilities in order to meet high demand for large-scale hosting services.
Venture capital firm Kingsway Capital led the convertible note raise, with the Fulgur Ventures participating in the round. Cohen & Cohen Capital Markets, part of J.V.B. Financial Group, advised Blockstream. Blockstream will be able to expand its mining capacity for institutional hosting customers because of the funding. Compared to so-called prop miners, this was one segment that remained resilient in the face of Bitcoin price volatility.“We remain focused on reducing risk for institutional bitcoin miners and enabling enterprise users to build high-value use cases.”network.
Due to declining revenues, Bitcoin mining behemoth Core Scientific declared Chapter 11 bankruptcy in December last year. Another mining group, Greenidge Generation, avoided bankruptcy at the same time, thanks to a $74 million lifeline from New York Digital Investment Group. The bad season for Bitcoin miners may have passed as hash rate stabilized and profit margins gradually improved toward the end of 2022. The mining industry, however, remained under pressure, particularly for small and mid-sizedRead the best crypto stories of the day in less than 5 minutes
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