Blockstream Valuation, Funding & Investors
Blockstream is valued at $3.2B as of August 2021.
Last Blockstream valuation
$3.2B
Series B · Aug 2021
Last Blockstream funding round
$210M
Undisclosed stage · Oct 2024
Cumulative funding Blockstream raised
$634M
across 6 funding rounds
Key investors in Blockstream
Fulgur Ventures
Khosla Ventures
Gaingels
Horizons Ventures
Real Ventures
Baillie Gifford
About Blockstream
Blockstream is a Bitcoin infrastructure provider founded in 2014 from Montreal, Canada. It develops the Liquid Network sidechain for confidential asset issuance and fast settlements. Blockstream Satellite beams the Bitcoin blockchain worldwide without internet reliance. Additional products include the Green Wallet for non-custodial storage and mining hardware solutions like Blockstream Mining Note.
Founded
2014
HQ
MontrealWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$3.2B (Aug 2021)
Blockstream Valuation
Blockstream is currently valued at $3.2B, based on its Series B in August 2021.
The $210M round was led by Baillie Gifford and Bitfinex, with participation from Gaingels.
Blockstream valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2021 | Series B | $3.2B |
Blockstream Funding History
Blockstream has raised a total of $634M across 6 funding rounds.
Blockstream's first fundraising round was a $21M seed round in November 2014. The most recent completed round was a $210M undisclosed-stage round in October 2024.
Blockstream funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2024 | Undisclosed stage | Fulgur Ventures (lead) | $210M | - | Blockstream, a Bitcoin infrastructure company, closed a $210 million convertible note financing round on October 15, 2024, led by Fulgur Ventures to accelerate adoption and development of its layer-2 technologies including the Liquid Network and Core Lightning, expand mining operations ahead of the next Bitcoin market cycle, and grow its Bitcoin treasury to become one of the largest publicly known holdings. The Liquid Network, a federated Bitcoin sidechain, has seen over $1.8 billion in assets issued to date including stablecoins, tokenized bonds, and securities, with more than 3,844 BTC (approximately $250 million) locked on-chain, and integrates with Blockstream's hosted cloud service Greenlight for non-custodial Lightning Network payments. The funding marks a pivotal shift for Blockstream as the global leader in Bitcoin-powered financial infrastructure, bridging Bitcoin with traditional finance, with CEO Dr. Adam Back highlighting it as a defining moment for growth. Fulgur Ventures, focused on Bitcoin and Lightning Network startups since 2019, previously supported Blockstream's $125 million convertible note in 2023 for mining expansion. Blockstream also appointed Michael Minkevich, former product engineering head at Luxoft Holdings, as COO to drive opportunities in finance and other sectors. This round brings Blockstream's total funding to over $822 million CAD ($210M USD from this round, $266M CAD from 2021 Series B at $4B USD valuation, plus others). Separately, Blockstream launched Blockstream Mining Note 2 (BMN2) Series 4 on STOKR at $35,000 per token, raising $13.8 million since July 2024 across 472 tokens. |
| Jan 2023 | Undisclosed stage | Kingsway Capital (lead); Fulgur Ventures | $125M | - | Blockstream, a global leader in Bitcoin and blockchain technologies founded in Montreal in 2014, raised $125 million USD ($167.3 million CAD) in convertible note and secured loan financing on January 24, 2023, led by Kingsway Capital with participation from Fulgur Ventures. The funding aims to expand institutional bitcoin mining colocation services and facilities amid high demand driven by the company's track record, scale, and industry power shortages, while also advancing renewable energy mining products and proprietary bitcoin miner development. Blockstream positions hosting as a resilient segment less exposed to bitcoin price volatility compared to proprietary mining. This round follows Blockstream's August 2021 Series B first close of $210 million USD ($266 million CAD), which valued the company at $3.2 billion USD per some reports or $4 billion CAD per others, used to build enterprise-class mining facilities, strengthen ASIC manufacturing vertical integration via Spondoolies acquisition, and monetize the Liquid Network sidechain for trustless Bitcoin swaps, smart contracts, and asset tokenization. Blockstream operates one of the world's largest bitcoin mining operations with over 500 MW in its development pipeline and leads in Layer 2 technologies like Core Lightning and Liquid Network. The company emphasized accelerating YoY revenue growth from prior capital while focusing on risk reduction for institutional miners and enterprise Bitcoin use cases amid 2022's centralized failures. Blockstream Mining provides colocation across multiple facilities. |
| Aug 2021 | Series B | Baillie Gifford (lead); Bitfinex (lead); Gaingels | $210M | $3.2B | Blockstream is a blockchain and Bitcoin technology developer focused on building infrastructure for Bitcoin finance, including enterprise solutions, consumer tools, and asset management. Key products include the Liquid Network, a sidechain for faster, confidential Bitcoin transactions and digital asset issuance, which had over $1.1 billion in network value at the time. The company also offers mining tools, financing solutions, and cryptocurrency trade data services. On August 24, 2021, Blockstream closed a $210 million Series B funding round led by Baillie Gifford and iFinex (parent of Bitfinex), with participation from investors like Gaingels, achieving a post-money valuation of $3.2 billion and unicorn status. This brought total funding to around $299 million across prior rounds: $21 million seed in 2014, $57 million Series A in 2016, and an $11 million convertible note. The round coincided with the acquisition of Spondoolies' intellectual property to launch enterprise-grade Bitcoin miners. Proceeds were allocated to accelerate Bitcoin mining efforts, hire staff across departments, scale blockchain technology, and expand the Liquid Network and Bitcoin financial products. Baillie Gifford's Allen Farrington highlighted the transformative potential of tokenized securities on Liquid for capital markets and decentralizing financial infrastructure. Blockstream positions itself as a leader in Bitcoin infrastructure, targeting financial institutions, traders, exchanges, and technology firms with programmable, open financial systems. |
| Nov 2017 | Series A | DG Lab (lead) | $11M | - | Blockstream, a US-based blockchain technology developer, received an undisclosed investment from DG Lab Fund I in November 2017, increasing its total funding to $80 million. The fund, formed by Digital Garage and Daiwa Securities, participated alongside prior backers from Blockstream's $21 million seed round in 2014 and $55-57 million Series A in 2016. This investment supported Blockstream's work on Bitcoin-based technologies including the Lightning Network for micropayments and Elements for sidechain capabilities. Blockstream develops blockchain infrastructure to enhance Bitcoin's functionality, partnering on projects to deter fraud in financial systems through distributed ledger technology. The 2017 round followed contributions from investors like AXA Strategic Ventures, Horizons Ventures, Khosla Ventures, and others in earlier stages. DG Lab's involvement built on prior collaborations, such as with The Tokyo Tanshi for blockchain initiatives in Japan. |
| Feb 2016 | Series A | AVP (lead); Digital Garage (lead); Horizons Ventures (lead) | $57M | - | Blockstream, founded in 2014, is a blockchain technology company specializing in Bitcoin infrastructure, including sidechains like the Liquid Network for faster, confidential transactions and digital asset issuance. The company raised a $21 million seed round in November 2014 led by Khosla Ventures, Real Ventures, and Reid Hoffman to establish initial blockchain solutions. In February 2016, Blockstream announced a $55 million Series A investment, bringing total capital raised to $76 million, led by Horizons Ventures, AXA Strategic Ventures (AVP), and Digital Garage, with participation from existing investors like AME Cloud Ventures and Khosla Ventures. The funding aimed to bring sidechain technology to market, expand globally, and support partners, including a prior commercial offering called Liquid for Bitcoin exchanges and a partnership with PwC. The 2016 round matched the specified investors—AVP, Digital Garage, and Horizons Ventures—as leads, with Horizons joining the board. Blockstream's sidechains extend Bitcoin for public and private blockchains, leveraging existing investments in Bitcoin code to reduce trust costs and network fragmentation, maintained open-source via the Elements Project. Post-2016, Blockstream raised an $11 million venture round/convertible note in November 2017 led by DG Lab, followed by a $210 million Series B first close in 2021 led by Baillie Gifford and iFinex at a $3.2 billion USD valuation to advance mining products like Blockstream Energy, expand the Liquid Network (with over $1.1 billion in network value), and build Bitcoin financial products. Total funding reached around $299-634 million across rounds by 2021-2025, including acquisitions like Spondoolies' IP. |
| Nov 2014 | Seed | Khosla Ventures (lead); Real Ventures (lead); Reid Hoffman (lead) | $21M | - | Blockstream, a blockchain technology company focused on enhancing Bitcoin's capabilities through sidechains and related innovations, closed a $21 million seed round on November 17, 2014, led by Khosla Ventures, Real Ventures, and Reid Hoffman, with participation from nearly 40 investors including Nicolas Berggruen, Crypto Currency Partners, Future/Perfect Ventures, Danny Hillis, Eric Schmidt’s Innovation Endeavors, Max Levchin, Mosaic Ventures, Ray Ozzie, Ribbit Capital, and Jerry Yang’s AME Cloud Ventures. The funding aimed to accelerate development of new ways to innovate in cryptocurrencies, open assets, and smart contracts, positioning Blockstream to build foundational infrastructure for Bitcoin applications without third-party fees for transactions. At the time, Blockstream was an early-stage startup aiming to transform Bitcoin's blockchain into a universal platform for applications across various sectors, with co-founders noted for their strong reputations in blockchain. The seed round preceded a $55 million Series A in February 2016 led by Horizons Ventures, AXA Strategic Ventures, and Digital Garage, bringing total capital raised to $76 million and supporting global expansion, sidechain commercialization like the Liquid network for Bitcoin exchanges, and partnerships such as with PwC. Investors highlighted Blockstream's role in enabling Bitcoin's evolution into an adaptive platform for new capabilities and industries beyond fintech, including insurance and asset management. |
Who has invested in Blockstream?
12 investors have backed Blockstream across its funding rounds, including Fulgur Ventures, Khosla Ventures, Gaingels, Horizons Ventures, Real Ventures and Baillie Gifford.
Lead investors include Fulgur Ventures, Kingsway Capital, Baillie Gifford, Bitfinex, DG Lab and 6 other investors.
Blockstream Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Wilmington, DE | 2 | Lead | Jan 2023 | |
 Edinburgh | 1 | Lead | Aug 2021 | |
 Paris | 1 | Lead | Feb 2016 | |
| Montreal | 1 | Lead | Nov 2014 | |
 Tokyo | 1 | Lead | Feb 2016 | |
| San Francisco, CA | 1 | Lead | Nov 2014 | |
| San Francisco, CA | 1 | Lead | Nov 2014 | |
 Taipei | 1 | Lead | Aug 2021 | |
 Hong Kong | 1 | Lead | Feb 2016 | |
| London | 1 | Lead | Jan 2023 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Blockstream
Blockstream has acquired 4 companies to date.
Last acquisition by Blockstream was on July 21st 2025. Blockstream acquired Elysium Lab for undisclosed valuation.
Latest Acquisitions by Blockstream
| Description | Elysium Lab is a provider of keyless authentication and modular security platforms for digital assets in fintech, financial institutions, Bitcoin networks, and Web3 environments. Its KARE SDK delivers advanced authentication layers, while the Elysium Wallet supports retail users with secure asset management. Institutions access white-label solutions for seamless integration. Based in a trustless ecosystem, the company eliminates traditional credential risks through cryptographic protocols, enabling scalable encryption and verification processes across decentralized finance platforms. | SponDoolies-Tech is an Israeli manufacturer of cryptocurrency mining rigs using custom ASICs for Bitcoin and altcoins. Produced in Nesher, the hardware emphasizes hash rate efficiency and plug-and-play setup for home and data center operations, drawing from semiconductor expertise. | Adamant Capital manages one of the earliest funds dedicated to Bitcoin investments, championing its value as a core asset class. The firm provides institutional-grade exposure to cryptocurrency through structured products and advisory services, operating from a base in Zug, Switzerland, known as Crypto Valley. | GreenAddress is a Milan-based provider of secure multi-signature Bitcoin wallets for individual and institutional users. The platform employs 2-of-3 multisig schemes with hardware wallet integration for enhanced protection against hacks and loss. Features include watch-only monitoring, two-factor authentication, and recovery options, serving clients globally with a focus on usability and self-custody. |
| HQ Country |  |  | |  |
| HQ City | Lugano | Kiryat Gat | Austin, TX | Valletta |
| Deal Date | 21 Jul 2025 | 24 Aug 2021 | 22 May 2021 | 27 Jul 2016 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Investments by Blockstream
Blockstream has invested in 1 company to date.
Latest investment by Blockstream was on January 16th 2025. Blockstream invested in Komainu in their $75M Series B round.
Latest Investments by Blockstream
| Description | Komainu is a regulated custodian for digital assets targeting institutions. The London-headquartered firm, backed by Nomura, CoinShares, and Ledger, supports Bitcoin, Ethereum, and 20 other tokens with cold storage and MPC technology. It serves hedge funds and banks in Europe and Asia, compliant with MiFID II and holding SOC 2 Type II certification. |
| HQ Country |  |
| HQ City | St. Helier |
| Deal Date | 16 Jan 2025 |
| Round | Series B |
| Raised | $75M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Blockstream Competitors
Blockstream competitors include listed companies like Bullish and Sharplink, and private ones like Blockdaemon, MoonPay, LayerZero Labs and Phantom.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Los Angeles, CA | Private | $75M | - | $3.3B | 43.3x | |
| Dover, DE | Private | $108M | - | $3.4B | - | |
| Vancouver | Private | - | - | $3B | - | |
| San Francisco, CA | Private | - | - | $3B | - | |
| United States | Publicly listed | $245B | ($727M) | $5.3B | 13.5x | |
| United States | Publicly listed | $28M | ($734M) | $1.8B | 39.9x |
Blockstream Public Comps
Blockstream is still privately-owned, but its public comps include Hyperliquid Strategies, Galaxy Digital, Sharplink, Securitize, OSL Group, Bullish, HashKey Holdings, BitGo Holdings, Indokripto Koin Semesta and Rhino Bitcoin.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $9M | - | 308.0x | 162.2x | - | - | |||
| $60B | ($177M) | 0.1x | 0.2x | (43.3x) | (182.6x) | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $245B | ($727M) | 0.0x | 13.5x | (6.3x) | 38.2x | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
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Common questions about Blockstream
| When was Blockstream founded? | Blockstream was founded in 2014. |
| Where is Blockstream headquartered? | Blockstream is headquartered in Montreal, Canada. |
| Is Blockstream publicly listed? | No, Blockstream is a private, VC-backed company. |
| What is Blockstream's valuation? | Blockstream was last valued at $3.2B in its Series B in August 2021. |
| How much funding has Blockstream raised? | Blockstream has raised $634M across 6 funding rounds. |
| What was Blockstream's last funding round? | Blockstream's last funding round was a $210M undisclosed-stage round in October 2024, led by Fulgur Ventures. |
| Who are Blockstream's investors? | Blockstream's investors include Fulgur Ventures, Baillie Gifford, AVP, Real Ventures, Digital Garage, Khosla Ventures, Reid Hoffman, Bitfinex, Horizons Ventures, Kingsway Capital and 2 others. |
| Which companies are comparable to Blockstream? | Companies comparable to Blockstream include Blockdaemon, MoonPay, LayerZero Labs, Phantom, Bullish and Sharplink. |
| How many companies has Blockstream acquired? | Blockstream has acquired 4 companies, including Elysium Lab, SponDoolies-Tech, Adamant Capital and GreenAddress. |
| How many companies has Blockstream invested in? | Blockstream has invested in 1 company, including Komainu. |
| What was Blockstream's last investment? | In January 2025, Blockstream invested in Komainu's $75M Series B. |
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