Bitcoin mining company Genesis Digital Assets raises $ 431 million under the leadership of Paradigm. Institutional investors continue to pump large amounts into the crypto market despite price fluctuations.
Iceland-based bitcoin mining company Genesis Digital Assets has successfully completed a strategic financing round. Under the direction of the investment company Paradigm, it has managed to raise $ 431 million. A statement last Tuesday stated that NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge and Kingsway Capital were among the major investors in this round. Kingsway also invested $ 125 million in Genesis in an earlier round in July. Paul Tudor Jones’ family offices are also involved.
Only this week there was another mega funding to report on the crypto market with Sorare. This brought in as much as 680 million USD. This is a clear indication that the interest of institutional investors in the crypto sector is still great – and growing, despite wild price fluctuations and even a sharp slump in the middle of the year.
Genesis investor FTX successful with financing round
Two months ago, the crypto exchange FTX, which was part of the Genesis Digital round, raised $ 900 million for its part. This allowed her to increase her valuation to a total of 18 billion US dollars. Behind the still young stock exchange is Sam Bankman-Fried (or SBF for short), a 29-year-old multi-billionaire. The exchange has a million users and, according to its own information, has an average daily trading volume of 10 billion US dollars.
For its part, Genesis Digital has been active since 2013. Since then, the company claims it has mined more than $ 1 billion in Bitcoin. Just recently, Genesis bought 20,000 mining rigs from the China-based manufacturer Canaan Inc. With this, the miner is pursuing the goal of expanding its presence in North America and Scandinavia. Genesis wants to use the proceeds from the investment round to increase its hashrate in order to have an energy capacity of 1.4 gigawatts for Bitcoin mining by 2023.
As we work towards our goal of 1.4 gigawatts of electricity by 2023, the capital from this round will be used to expand our bitcoin mining activities in locations where clean energy is easily accessible. We are thrilled to have strategic investors on board and look forward to fulfilling our mission together
, says Marco Streng, CEO and co-founder of Genesis Digital Assets.
The company speaks of its own hash performance of over 3.3 exahashes per second (as of September). After all, this corresponds to around 2.5 percent of the current hashrate of the entire Bitcoin network. As part of the investment, Paradigm co-founder and managing partner Matt Huang has joined the board of directors of the bitcoin mining company.