Blockstream Preps New Sale of Notes Designed to Profit From Rebounding BTC Mining-Rig Prices
Summary
Blockstream surpassed its $5 million target in Series 1 of its 'BASIC' notes, aimed at profiting from rebounding bitcoin mining-rig prices, and is now planning a Series 2. Blockstream raised $5.075 million for the ASIC (BASIC) note Series 1 in September and will use $4.876 million of it to purchase Antminer S19k Pro ASIC mining machines. The target for Series 2 is currently undisclosed. The company plans to leverage low prices for mining hardware prior to 2024's bitcoin halving. BASIC is an investment vehicle intended to generate gains from the price of ASIC mining equipment, which Blockstream predicts will increase post-halving.
