The Bitcoin-focused technology company closed its $210 million funding round led by Fulgur Ventures last October and is currently implementing major expansion initiatives.
Strategic Shift: BlockStream opens up mining and hardware divisions
Bitcoin Infrastructure Firm BlockStream announced that it will be set up as an independent company as part of its newly implemented expansion strategy and spin-out its mining and ASIC division, according to a press release released Wednesday. The move comes months after the company raised $220 million in October 2024.
BlockStream was co-founded in 2014 by current CEO Adam Back, a British computer scientist behind the Hashcash algorithm referenced in Section 4 of Nakamoto’s Bitcoin Whitepaper. Initially focusing on sidechain development, the company has gradually diversified into multiple industries, including software engineering, Bitcoin hardware, mining and financial services.
The company currently spins the Blockstream Mining Arm and its ASIC division, essentially setting both branches as independent companies, with Blockstream Mining’s President Criskook and Executive Vice President of ASIC division being encouraged to lead their respective entities as CEOs.
“Looking ahead, we will continue to explore ways to make the biggest impact, focusing on building financial rails and infrastructure to ensure Bitcoin’s success in the long term,” Buck said.
The company also teased “several new products” that are said to be announced at the annual Bitcoin Conference in Las Vegas in mid-May. The new product is intended to “create a more streamlined, integrated user experience across BlockStream’s technology stack.”