Blockstream Capital Partners has acquired Zug-based Berglinde, a boutique specializing in Bitcoin-backed lending. The firm appears to be a strong fit for Blockstream’s portfolio and for its Bitcoin treasury vehicle, which was listed on Nasdaq in July.
Berglinde Becomes Blockstream’s Swiss Base
Switzerland’s crypto landscape is known for its dynamism, but over the past few days, the industry has seen even more movement than usual.
The Federal Council has finally released the long-awaited proposal to amend the Financial Institutions Act (FinIA) to address blockchain, stablecoins, and related topics for consultation. Meanwhile, 21Shares — a Swiss crypto pioneer with the world’s largest range of exchange-traded products (ETPs) in this segment — is being acquired by FalconX, a leading institutional digital asset broker.
In addition, Cryptonow has become the first Swiss crypto company with headquarters in Switzerland to receive the coveted MiCAR license for the EU. The Principality of Liechtenstein has launched its LTIN blockchain infrastructure aimed at Europe and beyond. And in an interview with finews.com, “CryptoDad” explained why Switzerland has lost its lead in the sector.
Led by Adam Back
On Thursday, the announcement followed that Berglinde had been acquired by Blockstream Capital Partners (BCP). Founded in 2024 by Phil Lojacono, the Zug-based boutique specializes in Bitcoin solutions for institutional clients and Bitcoin-collateralized loans. The company advises banks and financial institutions on how to integrate Bitcoin into their processes and offers credit products that are overcollateralized with Bitcoin. This allows clients to access liquidity without having to sell their Bitcoin holdings. Berglinde also distributes Bitcoin-based financial products.
BCP is the investment arm of Blockstream, led by Adam Back, a well-known figure in the international crypto community. BCP invests across the Bitcoin ecosystem — including infrastructure, applications, and financial instruments — as well as in other asset classes.
Expansion in Europe
The acquisition marks an important step in BCP’s European expansion, following other strategic investments in custody provider Komainu and additional Bitcoin financial infrastructure companies. With Berglinde, BCP is strengthening its presence in Switzerland.
BCP Managing Partner Peter Paul Pardi commented: “This acquisition reflects our long-term vision — building a fully integrated Bitcoin financial ecosystem that includes infrastructure, custody, and asset management.”
Berglinde founder Phil Lojacono added: “The partnership with BCP represents a profound milestone for Berglinde. Together, we will unlock new opportunities for the Bitcoin economy in Europe.”
Synergies with Treasury Vehicle?
Lojacono is not taking this opportunity to exit; he will remain with BCP’s new Swiss hub.
Recently, BCP listed a treasury company on Nasdaq — the Bitcoin Standard Treasury Company (ticker: BSTR) — whose primary purpose is to hold Bitcoin. These holdings can, of course, also serve as collateral for loans — an area where Berglinde’s expertise could prove valuable and support further scaling.
