Blockstream Secures $210 Million Funding to Advance Bitcoin Layer 2 Technologies

Following recent excitement about Blockstream and CEO Adam Back's appearance in an HBO documentary, the bitcoin infrastructure company has announced it raised $210 million through a convertible note financing round, led by Fulgur Ventures.

The funds will be used to enhance the adoption and development of Blockstream’s Bitcoin Layer 2 technologies, expand its mining operations in preparation for the next bitcoin market cycle, and grow its bitcoin treasury.

Back called the fundraising a significant milestone for Blockstream, aimed at linking Bitcoin more closely with mainstream finance. Blockstream’s Layer 2 solutions, including the Liquid Network and Core Lightning, are designed to facilitate quicker, cheaper bitcoin transactions and support tokenization of real-world assets.

The company claims that over $1.8 billion in assets have been issued on Liquid to date, with approximately 3,844 BTC (around $250 million) currently locked on-chain. Products leveraging this platform include Bitfinex’s tokenized securities and STOKR’s MicroStrategy Note, which can be traded against bitcoin.

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In addition to the funding news, Blockstream has appointed Michael Minkevich as its new COO. Minkevich, who previously led product engineering at Luxoft, emphasized the company’s strong engineering team and innovative products. Back expressed confidence that Minkevich’s expertise, along with support from Fulgur Ventures, will help the firm seize new opportunities in the financial sector.

Alexander Stefanov