What Happened to Blockstream?
Blockstream is a leading blockchain technology company founded in 2014, focused on developing critical infrastructure for the Bitcoin ecosystem. It is known for its work on the Liquid Network, Bitcoin mining, hardware wallets, and pioneering research into Bitcoin scalability and security, including recent proposals for post-quantum upgrades. The company continues to expand its offerings and strategic partnerships, adapting to the evolving digital asset landscape.
Quick Answer
Blockstream, founded in 2014 by Adam Back and Austin Hill, remains a key player in the Bitcoin ecosystem, focusing on infrastructure development, sidechains like the Liquid Network, Bitcoin mining, and self-custody solutions. In 2026, Blockstream has been active with significant developments, including the launch of Blockstream Swaps, the introduction of the Jade Core hardware wallet, and a notable proposal for a post-quantum Bitcoin upgrade using SHRINCS. The company also saw its Liquid Network achieve record transaction volumes in Q1 2026 and continued strategic acquisitions in its capital partners division.
📊Key Facts
📅Complete Timeline16 events
Blockstream Founded
Blockstream was co-founded by cryptographer Adam Back and Austin Hill, with a focus on developing Bitcoin infrastructure.
Seed Funding Round
Blockstream raised $21 million in seed funding to kickstart its operations and development.
Liquid Sidechain Prototype Released
Blockstream announced the release of its Liquid sidechain prototype, designed to enable faster asset transfers between the sidechain and the Bitcoin main blockchain.
Adam Back Appointed CEO
Adam Back, co-founder and inventor of Hashcash, officially took on the role of CEO for Blockstream.
Liquid Network Officially Launched
The production-ready Liquid Network, Bitcoin's first production sidechain, was officially launched to facilitate interoperability and extend Bitcoin's capabilities for financial institutions.
Series B Funding & Unicorn Status
Blockstream completed a $210 million Series B financing round, led by Baillie Gifford, achieving a $3.2 billion valuation and unicorn status.
Series C Convertible Note Funding
Blockstream secured $210 million through a convertible note financing round led by Fulgur Ventures, aimed at accelerating layer-2 technologies, expanding mining operations, and growing its Bitcoin treasury.
Jade Plus Hardware Wallet Launched
Blockstream introduced the Jade Plus, an advanced open-source hardware wallet designed for secure self-custody of Bitcoin and Liquid assets.
Mining and ASIC Divisions Spun Out
Blockstream announced a major restructuring, spinning out its mining and ASIC divisions into independent companies to focus on specialized growth.
Latest Funding Round
Blockstream raised an additional $16 million in venture funding to accelerate product development and expand its engineering and research teams.
Acquisition of Corbiere Capital Management
Blockstream Capital Partners acquired Corbiere Capital Management, a Jersey-based equities hedge fund manager, to expand its institutional investment platform.
Acquisition of Numeus Derivatives Team
Blockstream Capital Partners acquired a division of Numeus Group's digital asset trading business, including a 10-person derivatives trading team, to enhance its Bitcoin derivatives capabilities.
Jade Core Hardware Wallet Launched
Blockstream introduced the Jade Core, a new hardware wallet designed to offer a streamlined and more accessible self-custody experience for everyday users.
Liquid Network Roadmap Published
Blockstream published an updated Liquid Network roadmap, detailing plans for 0-conf transactions, new tokenization workflows (AMP2 by end of May 2026), and quantum readiness.
Blockstream Swaps Announced
Blockstream announced the beta launch of Blockstream Swaps, an in-house feature to enable trustless transfers between Bitcoin, Lightning, and Liquid networks, enhancing ecosystem resilience.
SHRINCS Post-Quantum Bitcoin Upgrade Proposed
Blockstream Research proposed SHRINCS, a hash-based signature scheme, as a Bitcoin Improvement Proposal (BIP) to provide post-quantum security for Bitcoin, tested on the Liquid sidechain.
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🔍Deep Dive Analysis
Blockstream was founded in 2014 by cryptographer Adam Back, inventor of Hashcash, alongside other prominent Bitcoin developers like Austin Hill, Pieter Wuille, and Gregory Maxwell. The company's initial mission centered on addressing Bitcoin's scalability challenges and enhancing its capabilities through sidechains and other layer-2 solutions, while preserving the core principles of security and decentralization.
A key turning point for Blockstream was the launch of the Liquid Network, a Bitcoin sidechain, first prototyped in 2015 and officially launched in October 2018. Liquid enables faster, confidential transactions and the issuance of digital assets, serving as a critical financial layer for institutions and exchanges. The company has consistently raised significant capital, including a $210 million Series B round in August 2021, which valued Blockstream at $3.2 billion, and a further $210 million Series C convertible note in October 2024 led by Fulgur Ventures, earmarked for expanding layer-2 technologies, mining operations, and its Bitcoin treasury.
Blockstream has diversified its offerings beyond the Liquid Network to include Bitcoin mining services, hardware wallets (Blockstream Jade), and satellite-based Bitcoin data transmission to enhance network resilience. In May 2025, Blockstream underwent a strategic restructuring, spinning out its mining and ASIC divisions into independent companies to accelerate growth in these specialized areas. This move allowed Blockstream to focus more intensely on its core infrastructure, layer-2 development, and institutional financial products.
As of 2026, Blockstream continues to innovate and expand. In Q1 2026, the Liquid Network experienced exponential growth, processing over 1.1 million transactions and seeing post-quantum signatures go live on its mainnet. The company introduced the Jade Core hardware wallet in April 2026, making secure self-custody more accessible. Furthermore, in August 2026, Blockstream launched 'Blockstream Swaps' to facilitate trustless transfers between Bitcoin, Lightning, and Liquid networks, following a competitor's suspension due to AI-driven attacks. Most recently, Blockstream proposed a Bitcoin Improvement Proposal (BIP) for SHRINCS, a post-quantum signature scheme designed to secure Bitcoin against future quantum computing threats while maintaining transaction throughput. This demonstrates Blockstream's ongoing commitment to the long-term security and evolution of the Bitcoin protocol. However, a planned public Bitcoin treasury company (BSTR) merger led by Adam Back was terminated in August 2026 due to market conditions.
What If...?
Explore alternate histories. What if Blockstream made different choices?