Montréal-based Bitcoin infrastructure company Blockstream has raised $289 million CAD (approximately $210 million USD) through a convertible note financing round. The round was led by repeat investor Fulgur Ventures, bringing Blockstream’s total funding to over $822 million CAD to date.
The fresh funding will be used to bolster Blockstream’s Bitcoin mining operations, grow its BTC treasury to meet increasing demand, and further develop its Liquid and Lightning layer-2 networks. The Liquid Network, launched in 2018, allows decentralized finance trading and asset tokenization. The company has seen growing interest in these services, including a notable success with Mexican legal firm Mifiel, which used Liquid to issue digitized promissory notes totaling over $1 billion USD.
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A Defining Moment
CEO Dr. Adam Back called the funding “a defining moment,” enabling the company to scale its efforts in bridging BTC with mainstream finance. The company also introduced new leadership, appointing Michael Minkevich as COO to oversee operations as Blockstream enters a critical growth phase.
The latest funding round comes amid rising Bitcoin prices and renewed investor interest in the cryptocurrency space, boosted by recent regulatory approvals for BTC exchange-traded funds.
