Genesis Digital Assets has just closed a new investment round after buying 20.000 new platforms less than a month ago.
American Bitcoin mining company Genesis Digital Assets continued its rapid expansion by closing a $431 million funding round led by cryptocurrency investment firm Paradigm, Genesis announced today.
It's important to remain focused and diligent: https://t.co/TpGacbCaRA Thanks to all the great investors who joined us!
— Marco Streng (@Marco_Streng) September 21, 2021
Other participants in the round included New York Digital Investment Group, crypto exchange FTX, venture firms Ribbit Capital and Electric Capital, and British investment management firm Kingsway Capital.
This isn't Kingsway's first investment in Genesis. In July, the company led another $125 million funding round to support the miner's "aggressive expansion plans".
“Bitcoin will be the most important technology for financial inclusion of the global poor and unbanked, and mining provides security to make this possible. The [Genesis] team has been building highly profitable large-scale bitcoin mining farms for nearly eight years and the industry has only been in existence for twelve,” noted Kingsway Capital CEO Manuel Stotz at the time.
Expansion
The latest round of funding is part of Genesis' previously mentioned "aggressive expansion plans".
In late August, just a month after raising $125 million, the company announced that it had signed a deal with hardware giant Canaan to buy 20.000 new Bitcoin mining machines.
“The Bitcoin mining machines on this latest order are part of our ongoing efforts (sic) to rapidly scale our Bitcoin mining operations in North America and the Nordic countries, where we are focused on energy that comes from renewable sources” , explained Abdumalik Mirakhmedov , Co-founder and Executive Chairman of Genesis, at the time.
Ultimately, the company plans to “drastically” increase its mining capacity and reach 1,4 gigawatts by the end of 2023.