Crypto Firm Blockstream Seeks Funding at a Lower Valuation in Tight Market
- Company plans to expand capacity for hosting crypto miners
- People familiar say latest valuation may be under $1 billion
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Crypto infrastructure company Blockstream Corp. is raising fresh funds at a lower valuation than at its most recent financing as the collapse of the FTX exchange exacerbates a challenging venture capital backdrop for digital-asset firms.
The valuation may be below $1 billion, people familiar with the matter said, asking not to be identified discussing private information. One of the people said the figure may change. The firm was valued at $3.2 billion when it raised $210 million in 2021 from investors including Baillie Gifford and iFinex.