It is the Canadian Bitcoin mining and technology company’s first-ever debt financing, consisting of a convertible note and a secured loan. Kingsway Capital led the convertible note and Fulgur Ventures also participated. Blocksteam, which has an office in Montreal, will use the funding to expand its mining facilities. (The Logic)

Talking point: The company has raised the money in an extremely tough environment. Bitcoin miners have been battered by the crypto asset’s price collapse, although a recent price rally is providing some relief. Blockstream made headlines in 2021 for its involvement in El Salvador’s efforts to make the cryptocurrency legal tender and a funding round that valued the company at US$3.2 billion. In December, Bloomberg reported Blockstream was seeking new funding at a valuation that may be below US$1 billion; CEO Adam Back tweeted that the money had already been raised. Blockstream did not respond to The Logic’s request to clarify whether he was referring to the debt financing.