Welcoming Blockstream to the Fulgur portfolio means partnering with one of the most consequential infrastructure builders in Bitcoin's history. Founded in 2014 by Adam Back, Pieter Wuille, and Erik Svenson, Blockstream has spent more than a decade quietly engineering many of the rails the rest of the ecosystem now depends on, from protocol research to production-grade products spanning custody, settlement, and energy.

Blockstream's surface area is unusually broad for a single company. The team maintains core Bitcoin software, operates the Liquid Network for fast confidential settlement of assets and stablecoins, ships Lightning tooling through projects like Core Lightning and Greenlight, manufactures the Jade hardware wallet and Blockstream Satellite, and builds proprietary Bitcoin mining hardware and hosting. Each line reinforces the others around a single thesis.

That thesis is exactly why Blockstream fits Fulgur. We back companies expanding what Bitcoin can do without compromising what it is, and Blockstream's work on layer-twos, payments, and custody is a textbook example. Liquid in particular has become a serious settlement layer for tokenised securities and stablecoins, while Greenlight is lowering the cost of integrating Lightning for any wallet or app.

The bigger picture is straightforward. As Bitcoin matures from a single asset into a global financial substrate, the companies that own deep technical infrastructure, particularly across base-layer software, sidechains, and Lightning, will define how value moves for the next decade. Blockstream is positioned to be one of those defining companies in capital markets, payments, and self-custody.

Backing Adam, Pieter, Erik and the broader Blockstream team is a long-term bet on the people who have built more of Bitcoin than almost anyone else. We are excited to support their next chapter as Liquid, Lightning, mining, and hardware reach a wider base of institutional and retail users.