Blockstream Mulls BTC-Based Investment Vehicle
Bitcoin infrastructure firm Blockstream is set to launch Series 2 of its bitcoin-denominated investment vehicle, the Blockstream ASIC (BASIC) Note, following a successful Series 1 oversubscription.
The Series 1 Note, launched in September, closed above its $5 million target. Series 2, in collaboration with Luxembourg-based digital securities platform Stokr, targets qualified non-U.S. investors aiming to capitalize on historically low prices for Bitcoin mining hardware.
Dr. Adam Back, CEO and co-founder of Blockstream, aims to capitalize on the momentum by offering non-US investors a strategic entry point into the Bitcoin ASIC market through a bitcoin-basis product.
A total of $4.88 million from Series 1 was allocated to the acquisition of high-efficiency Antminer S19k Pro ASIC miners, leveraging its relationship with wholesale distributor Sunnyside Digital to secure bulk discounts.
The period following the purchase saw a 9.25% increase in ASIC quotes, influenced by the appreciation in bitcoin prices. Each series issues a unique set of BASIC Notes via the Liquid Network, a sidechain protocol built on top of the Bitcoin blockchain.
(With inputs from Shikha Singh)
You need to login in order to Like
