Blockstream plans to raise $50 million to purchase mining machines

ChainCatcher news, Bitcoin infrastructure company Blockstream is seeking to raise up to $50 million to purchase and store mining equipment that it believes is undervalued in the secondary market. Blockstream is collaborating with Luxembourg's digital securities market STOKR to launch Blockstream ASIC (BASIC) notes.

Blockstream's head of mining sales, James Macedonio, stated that Blockstream will first raise $5 million for Series 1 BASIC notes, with each note valued at $115,000, for large-scale purchases of ASICs, storage, and then selling them back to the market as hardware demand rebounds in 2024. This 24-month investment note will be open to accredited international investors.