Blockchain technology firm Blockstream has expanded its capital-raising efforts, securing $210 million in financing through a convertible notes round led by Fulgur Ventures.

Supporting Bitcoin Infrastructure

According to an Oct. 15 announcement, the debt will support Blockstream’s ongoing Bitcoin infrastructure projects, including its layer-2 strategy, mining operations and financial products development. Among Blockstream’s flagship products is the Liquid Network, a Bitcoin sidechain launched in 2018 to provide faster transactions and asset issuances. The network has issued over $1.8 billion in assets to date.

Developing Bitcoin Layer-2

Layer-2 solutions for the Bitcoin network have been on the rise since the launch of the Ordinals protocol in 2023. This protocol allowed the storage and inscription of NFTs directly on the Bitcoin blockchain, leading to a race among companies to offer scalability solutions. However, the security of those second-layer networks has yet to catch up, according to market insiders. Other solutions include the Lightning Network and Stacks.

Impact on Crypto Community

Blockstream plays a crucial role in the crypto industry by offering investors access to Bitcoin hashrate through its security tokens. The latest release of Blockstream Mining Note 2 (BMN2) targeted institutional investors, providing direct exposure to Bitcoin hashrate operated by its mining facilities across North America.

Blockstream continues to strengthen its position in developing Bitcoin infrastructure, attracting significant funding for its layer-2 and mining strategies.