Genesis Digital Assets Raises $431 Million

Bitcoin miner active since 2013 Genesis Digital Assets announced today the raise of $431 million to fund the company’s expansion plans. The round, led by investment firm Paradigm, comes less than two months after the miner’s previous funding round of $125 million.

Former investors also joined the funding round, including NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital, the $2 billion U.K.-based private equity fund that solo-led the previous round in total. Paradigm’s co-founder and managing partner Matt Huang, who joined the Genesis board of directors, commented on the announcement.

“Over nearly a decade, GDA’s team have built what we regard as the most impressive bitcoin mining operation in the world,” said Huang. “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.”

The newest funding round, one of the largest sums announced by bitcoin mining companies, will empower Genesis to fulfill its many expansion plans. The company said it expects to increase its hashrate capacity significantly over the next 12 months.

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