Blockstream raises $16M for its Bitcoin mining STO in a matter of hours

Published at: Oct. 22, 2021

Major blockchain technology company Blockstream has completed six tranches of its Bitcoin (BTC) mining security token offering (STO), securing a total of 30.9 million euros ($36 million).

Blockstream officially announced Thursday that the company raised 13.9 million euros ($16.1 million) in the sixth tranche of its Bitcoin mining-focused security token known as Blockstream Mining Note (BMN).

According to the announcement, the latest raise was the largest tranche that Blockstream has ever issued, marking increasing interest from individual and institutional investors. The raise brings the total BMN supply to more than 122, with the total number of investors amounting to 70.

Blockstream officially introduced its BMN security token in March, offering qualified non-United States investors an alternative to mining Bitcoin or investing in Bitcoin mining stocks by mining BTC using the associated hash rate of BMN. Issued on the Liquid sidechain of Bitcoin, each BMN Series 1 entitles investors to up to 2,000 terahashes per second of Bitcoin mined at Blockstream’s enterprise-grade mining facilities.

The BMN token can be traded with other qualified investors, delivering associated BTC to the BMN holder upon maturity of a three-year term from July 2021 to July 2024.

Related: Bitcoin-based security token offering approved in Germany

The news comes amid Blockstream preparing to list its BMN security token on Bitfinex Securities, a new STO platform by cryptocurrency exchange Bitfinex that is regulated in Kazakhstan’s national financial hub, the Astana International Financial Center. As Bitfinex Securities progresses with its launch, BMN is set to become one of the first assets listed on the new platform.

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