Blockstream has raised $210 million in a Series B funding round that values the bitcoin technology firm at $3.2 billion and will fund an expansion into manufacturing mining chips.
U.K. investment management firm Baillie Gifford and iFinex, the parent company of cryptocurrency exchange Bitfinex and stablecoin issuer Tether, participated in the round, Blockstream said Tuesday. No other investors were mentioned.
Blockstream also said it had acquired the intellectual property and key employees of Israeli bitcoin mining hardware manufacturer Spondoolies for undisclosed terms.
The move paves the way for Blockstream, based in Victoria, British Columbia, to build out a business line making specialized mining chips known as ASICs, the Canadian company said.
The acquisition, together with the additional funding, will advance Blockstream’s crypto mining products and services, including its recently announced Blockstream Energy service.
The new capital will also further the firm’s Bitcoin-focused financial products as well as its Liquid sidechain network, according to the company.
Now is a “most opportune time” to accelerate growth, Blockstream Chief Strategy Officer Samson Mow told CoinDesk via Telegram on Monday.
“The fresh infusion of capital will allow us to launch more products under Blockstream Finance, as well as bring our new bitcoin ASIC miner to market next year,” said Mow.