Dentons represented Fulgur Ventures, a Blockchain-focused global venture capital fund in leading the US$210 million convertible note financing round of Blockstream Corporation, a Montreal (Canada)-based company and a leader in Bitcoin and blockchain infrastructure development. The transaction closed in September 2024. This late-stage round investment is intended to accelerate market adoption of layer-2 technologies on the Liquid Network and significantly expands Blockstream’s already substantial Bitcoin Treasury, positioning it as one of the world’s largest. The deal also involved the spin-off of a division in the US, negotiation of investor rights with prior equity and convertible debt investors and establishing a line of credit secured by Bitcoin. Before this round, Blockstream raised US$125 million in 2023 in a round led by venture fund Kingsway Capital. For more details see press releases here: Blockstream Raises $210 Million Through Fulgur Led Convertible Note Offering - Bloomberg and Blockstream Secures $210M Led by Fulgur Ventures to Drive Layer-2 Growth and Expand Bitcoin Treasury.

The Dentons team was led by Jackson Hwu, Venture Technology and Emerging Growth Companies Partner in Miami; with support in the US from Maya Uchima, Corporate Managing Associate in New York; Joseph Guagliardo, Blockchain Partner in New York; Jason Woolmer, Finance Counsel in New York; and Andrew Bates, Finance Counsel in New York; and in Canada from Guillaume Savard, Corporate Partner in Montreal; Bin Zeng, Finance Partner in Montreal; and Justin Hamzo, Finance Associate in Montreal.

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