Crypto Infrastructure Firm Blockstream Seeks to Raise Funds at 70% Lower Valuation: Bloomberg

Crypto infrastructure firm Blockstream is looking to raise funds at a valuation which 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.

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 that 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 para.