Blockstream Announces Spin-off of Its Mining and ASIC Division

According to a report by Jinse Finance, Bitcoin infrastructure company Blockstream announced in a press release on Wednesday that as part of its newly implemented expansion strategy, the company will spin off its mining and ASIC divisions to become independent companies. Chris Cook, President of Blockstream's mining division, and Assaf Gilboa, Executive Vice President of the ASIC division, have both been promoted to serve as CEOs of their respective entities. Blockstream CEO Adam Back stated, "Looking ahead, we will continue to explore various ways to make the greatest impact, focusing on building financial rails and infrastructure to help ensure Bitcoin's long-term success." The company also revealed that it will launch "several new products" at the annual Bitcoin conference in Las Vegas in mid-May, which are aimed at "creating a more streamlined and integrated user experience within Blockstream's technology stack."