The Victoria-based Bitcoin company, which 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, is seeking new funding at a valuation that may be below US$1 billion, Bloomberg reported, citing people familiar with the matter. (Bloomberg)

Talking point: In an interview with The Logic in June 2021, Blockstream CEO Adam Back said the company had put itself in a strong financial position by being early to the trend of putting Bitcoin on its balance sheet, starting in 2014 when it was founded. “We ended up with probably a B-round worth of value growth due to Bitcoin price appreciation, as it really added up in dollar terms,” Back said at the time. Since Blockstream’s last raise, however, the value of Bitcoin has fallen about 64 per cent. The price collapse and rising energy rates have hit Bitcoin mining, one of Blockstream’s revenue streams, hard. Back told Bloomberg the company plans to use the money to expand its mining capacity and said in a tweet the firm had already raised the money.