The bitcoin-focused technology firm closed a $210 million funding round led by Fulgur Ventures last October and is now implementing key expansion initiatives.
Strategic Shift: Blockstream Carves out Mining and Hardware Divisions
Bitcoin infrastructure firm Blockstream has announced that it will spin out its mining and ASIC divisions, establishing them as independent companies as part of its newly implemented expansion strategy, according to a press release published on Wednesday. The move comes just months after the company raised $210 million in October 2024.
Blockstream was co-founded in 2014 by current CEO Adam Back, the British computer scientist behind the Hashcash algorithm referenced in section four of Satoshi Nakamoto’s Bitcoin whitepaper. Initially focused on developing sidechains, the firm has gradually diversified across multiple industries including software engineering, Bitcoin hardware, mining, and financial services.
The firm says it is now spinning out its Blockstream Mining arm and its ASIC division, essentially setting up both branches as standalone companies, with Blockstream Mining President Chris Cook and ASIC division Executive Vice President Assaf Gilboa, both being promoted to lead their respective entities as CEOs.
“As we look ahead, we will continue to explore ways to deliver the greatest impact with a focus on building the financial rails and infrastructure to help secure Bitcoin’s success long term,” said Back.
The company also teased “several new products” that it says will be unveiled at the annual Bitcoin Conference which is set to take place in Las Vegas in mid-May. The new offerings will be aimed at “creating a more streamlined and integrated user experience across Blockstream’s technology stack,” the release states.