Blockstream raising funds for mining at 70% lower company valuation

📆 07/12/2022 05:33:00
📰 Cointelegraph

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The valuation of the Bitcoin infrastructure firm has reportedly fallen from $3.2 billion to below $1 billion, but that has not stopped the firm from raising funds to expand its mining capacity.

The depths of a bear market may not be the best time to raise funds but that is exactly what Blockstream is doing.

Blockstream was valued at $3.2 billion when it held its last Series B funding round raising $210 million in August 2021. Today that valuation may have fallen almost 70% to below $1 billion according to theThe company, founded in 2014, has raised a total of $299 million in funding over four rounds, according toBlockstream CEO and cryptographer Adam Back did not share details of the latest funding round but did reveal that the capital will be invested into expanding the firm’s mining capacity.

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Raising funds for mining in a bear market? Thats bold 🤣

Just a bear market thing 😂

The amount fell almost three times and this is not very good

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