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Crypto Infrastructure Firm Blockstream Seeks to Raise Funds at 70% Lower Valuation: Bloomberg
The under $1 billion valuation is a far cry from the $3.2 billion valuation Blockstream had received in 2021.
Crypto infrastructure firm Blockstream is looking to raise funds at a valuation that may be under $1 billion, according to a Bloomberg report, citing sources.
This would be a significant cut in valuation for the firm, which raised a $210 million Series B at $3.2 billion in 2021. The firm had acquired Israeli bitcoin mining hardware manufacturer Spondoolies in 2021.
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Blockstream, which was founded in 2014, was planning to branch out a business line making specialized mining chips known as ASICs.
Blockstream CEO Adam Back said the company has already raised the funds.
Blockstream was not immediately available for comment when contacted by CoinDesk.
The Victoria, British Columbia-based company had announced a collaboration with Jack Dorsey's Block to build a solar-powered bitcoin mining facility.
Samson Mow, the ex-chief strategy officer at Blockstream, had raised $21 million for his new Bitcoin startup JAN3 at a $100 million valuation.
UPDATE (Dec. 7, 08:33 UTC): Adds tweet from Adam Back in the fourth paragraph.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
