Genesis Digital Assets, one of the largest industrial-scale Bitcoin mining companies, recently announced that it has raised $431 million in a just-concluded funding round.
The latest financing is the second funding raised by the firm this year. The new capital will be dedicated to the expansion of the company’s Bitcoin mining operations in the United States as well as in countries in the Nordic region, “locations where clean energy is easily accessible.”
The funding round was led by San Francisco-based crypto-focused investment company Paradigm. The venture capital firm was also involved in a 2020 funding organized by digital asset security company FireBlocks in which about $30 million was raised.
Commenting on the recent funding round by Genesis Digital Assets, Matt Huang, co-founder of Paradigm, said:
Over nearly a decade, GDA’s team has built what we regard as the most impressive bitcoin mining operation in the world. They have everything it takes to continue to scale their operations and make bitcoin mining even more efficient, and we’re thrilled to support their mission.
As one of the core participants in the fundraising, Huang was added to Genesis Digital Assets Board of Directors.
Speaking on Huang’s appointment, Marco Streng, CEO and Co-Founder of Genesis Digital Assets said:
“We are excited to have strategic investors on board and look forward to executing on our mission together.”
Other companies involved in the fundraising include Bitcoin-focused financial services firm NYDIG, crypto exchange FTX, Ribbit Capital, and investment manager, Kingsway Capital.
The first funding round organized by the mining giant in July this year raised $125 million and was led by Kingsway Capital. The fund was also dedicated to the purchase of new mining equipment and establishment of new data centers in the United States and in the Nordic region.
As of recently, Genesis Digital Assets data center capacity is at over 170 megawatts. The company, however, hopes to bring 1.4 gigawatts online in 2023.
