$210M Raise Signals a New Chapter for Blockstream
Blockstream, a pioneer in Bitcoin-powered financial infrastructure, announced its ambitious expansion roadmap for 2025 after securing $210 million in a funding round led by Fulgur Ventures in October 2024. The capital injection will accelerate developments across infrastructure, software, mining, and institutional investment offerings. Co-founder and CEO Dr. Adam Back commented, 'We are at a pivotal moment for Bitcoin’s growth. Spot ETFs have opened the floodgates, institutions are rushing to engage, and individual interest is accelerating. Our focus remains on building the financial rails and infrastructure to secure Bitcoin’s long-term success.'
Mining and Satellite Spin-Off; ASIC Division Becomes Independent
As part of the broader restructuring, Blockstream Mining will operate as a standalone company under the same brand, having secured over $350 million through equity, debt, and investments in the Blockstream Mining Note (BMN2). Former President of Blockstream Mining, Chris Cook, will serve as CEO of the new entity, with Adam Back acting in an advisory role. Blockstream Satellite also falls under this independent arm.
Separately, Blockstream’s ASIC division is being spun out as a distinct company led by Assaf Gilboa, former EVP of Hardware. A second funding round is already underway to advance ASIC R&D and foundry capabilities.
Institutional Push: Asset Management Division and $75M Custodian Investment
In February 2025, Blockstream launched Blockstream Asset Management (BAM), led by veteran hedge fund manager Sean Bill, to create investment products tailored for pensions, endowments, and other institutional clients. BAM leverages Blockstream’s full technology stack. Earlier, in January, Blockstream Capital Partners completed a $75 million investment in Komainu, enhancing custody and off-exchange solutions through integrations with the Liquid Network and AMP platform.
Layer 2 Development Continues; New Self-Custody Product on the Horizon
Blockstream remains committed to Bitcoin layer 2 protocols such as Liquid and Lightning. The company is also preparing to launch Jade Plus, a new self-custody solution. Further product announcements are expected at Bitcoin 2025 in Las Vegas this May. With new offices in Tokyo and a dedicated research center in Lugano, Blockstream is expanding its global footprint while reaffirming its long-term dedication to Bitcoin innovation.