Genesis Digital Assets Raises $125M to Expand Bitcoin Mining Business
Digital asset lending firm, Genesis Capital has raised $125 million in equity financing to expand its Bitcoin mining business, mainly in North America and Northern Europe.
Reportedly, the lead investor in this round of equity financing is the well-known British private equity fund Kingsway Capital with assets under management (AUM) exceeding $2 billion.
At the same time, as part of the terms of the transaction, Manuel Stowe, CEO of Kingsway Capital Manuel Stotz will also join the board of Genesis Capital.
Genesis Capital stated that the funds raised this time will be used to upgrade mining equipment in the United States and the Nordic region while building new data centres.
Manuel Stotz, CEO of Kingsway Capital, stated that Genesis’s GDA team has been having extensive experience in the Bitcoin mining industry, commenting on the investment:
"Bitcoin is going to be the most important technology for financial inclusion of the global poor and unbanked and mining provides security to make this possible."
Abdumalik Mirakhmedov, Executive Chairman and Co-founder of Genesis Digital Assets, replied:
"Our mission is to provide the infrastructure that will power the open-source monetary system revolution and we're excited to have Kingsway Capital and Manuel onboard as we continue to scale our mining operations."
Genesis is currently one of the world's top Bitcoin mining companies, with a data centre capacity of more than 150 MW and a total computing power of more than 2.6 Exahashes (EH/s), exceeding 2.6% of the global Bitcoin mining power.
Genesis is not the only company seeking to raise funds to expand its business during the Chinese mining crackdown.
As reported by Blockchain.News on July 14, the cryptocurrency miner BIT Mining Limited, a Shenzhen-based company, announced that it will raise $50 million through private placement to expand its crypto mining business to overseas markets.
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