(Bloomberg) – Bitcoin developer Blockstream Corp. raised $210 million through a convertible note offering that will be used to fund the deployment of the company’s layer 2 technologies, expand mining operations and purchase more cryptocurrency.

Fulgur Ventures led the funding round, Montreal-based Blockstream said in a statement Tuesday. Co-founded in 2014 by CEO Adam Back, Blockstream was one of the first crypto infrastructure companies. The company also announced the appointment of Michael Minkevich as Chief Operating Officer. Minkevich was previously head of product engineering at Luxoft Holdings Inc.

Crypto companies are raising cash again this year after the digital assets sector collapsed in 2022 following a series of scandals and bankruptcies. In January 2023, Blockstream raised $125 million to expand its Bitcoin mining services in a convertible note raising led by venture capital firm Kingsway Capital.

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