Bitcoin and blockchain infrastructure company Blockstream announced the completion of a $125 million convertible note and secured loan financing led by Kingsway Capital, with other investors including Fulgur Ventures. Cohen & Company Capital Markets, a division of JVB Financial Group, LLC, acted as exclusive financial advisor to Blockstream. Blockstream will use the new funding to expand its mining facilities to meet strong demand for its institutional custody services. Blockstream completed a US$210 million Series B financing in August 2021. The financing was used to build multiple enterprise-level mining facilities with institutional custody client capabilities, and to strengthen vertical integration with Blockstream through the acquisition of Spondoolies.