Blockstream's board of directors unanimously appointed co-founder Adam Back as chief executive officer on October 3, 2016. The move replaced Austin Hill, the company's first CEO. Hill had also left Blockstream's board "to pursue other opportunities"12.
Four leadership moves at Blockstream on the record since 2016
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| Oct. 3, 2016 | Back became CEO. Adam Back was named Chief Executive Officer of Blockstream |
| Oct. 3, 2016 | Hill left as CEO. Austin Hill left as Chief Executive Officer of Blockstream |
| March 1, 2022 | Mow left as Chief Strategy Officer. Samson Mow left as Chief Strategy Officer of Blockstream |
| Oct. 15, 2024 | Minkevich became COO. Michael Minkevich was named Chief Operating Officer of Blockstream |
Two CEO appointments on the record in 2016
CEO appointments CryptoLately has verified, by year
- 2016: 2
- 2017, 2018, 2019, 2020, 2021, 2022, 2023
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2016 | 2 |
| 2017 | 3 |
| 2018 | 4 |
| 2019 | 8 |
| 2020 | 7 |
| 2021 | 6 |
| 2022 | 18 |
| 2023 | 17 |
The handoff
CoinDesk's report matched the release almost word for word. “The company said today that its first CEO, Austin Hill, is formally stepping aside, with current president Adam Back being appointed to the role,” the outlet wrote2. Back had co-founded Blockstream in late 2014. From late 2014 to October 2016 he served as president and chief operating officer, a job in which the release says he “oversaw daily operations for a distributed team of 40 across ten countries”1.
Back framed the appointment as unfinished business rather than a victory lap. “I am honored to take on the CEO position at this important phase in the company's growth and am excited about leading Blockstream to its full potential,” Back said. “We have a world-class team dedicated to building the foundation that will underpin the transformation of finance for years to come”1.
Blockstream before and after
Hill's departure came a few months after Blockstream bought the Bitcoin wallet startup GreenAddress in the summer of 2016. CoinDesk said the deal had "further boosted its employee base"2. By the time of the switch, Blockstream had raised $76 million across two funding rounds, from investors including Digital Currency Group, Khosla Ventures and Reid Hoffman1. Back had built his own reputation outside Blockstream first. He invented Hashcash, a proof-of-work system the release credits as part of "the mining algorithm" behind Bitcoin itself.
What came next
Eight years later, on October 15, 2024, Blockstream's own newsroom still listed Back in the job, in a release announcing a $210 million convertible note round led by Fulgur Ventures3. It named him "Blockstream Co-Founder and CEO, Dr. Adam Back." Back called the raise “a defining moment for Blockstream as we embark on a critical new phase of growth”. That release also named Michael Minkevich as the company's new chief operating officer, a separate hire under Back's tenure.
Sources
- "Blockstream Appoints Hashcash Inventor Dr. Adam Back as CEO," Blockstream, October 3, 2016, https://blockstream.com/press-releases/2016-10-03-blockstream-appoints-hashcash-inventor-dr-adam-back-as-ceo/
- "Adam Back Appointed Blockstream CEO in Leadership Shake-Up," CoinDesk, October 3, 2016, https://www.coindesk.com/markets/2016/10/03/adam-back-appointed-blockstream-ceo-in-leadership-shake-up
- "Blockstream Secures $210M Led by Fulgur Ventures to Drive Layer-2 Growth and Expand Bitcoin Treasury," Blockstream, October 15, 2024, https://blockstream.com/press-releases/2024-10-15-blockstream-secures-210m-dollars-led-fulgur-ventures-drive-layer-2-growth-expand-bitcoin-treasury/