Bitfury Closes $80-million Private Funding Round

Bitfury cryptocurrency blockchain

Crypto mining and technology company Bitfury has secured an investment of $80 million as part of a funding round led by Korelya Capital, the latest blockchain company to secure significant investment from the mainstream financial world.

Korea-based Korelya Capital was joined by investors such as Mike Novogratz’s Galaxy Digital, Armat Group and Dentsu Inc. in a private placement that will now provide the firm with the capital to fuel the next phase of its growth.

Executive vice-chairman George Kikvadze said the investment would give Bitfury more strategic options, as well as helping build out existing systems.

“With a half-billion dollars in revenues, Bitfury is the leading blockchain B2B global technology infrastructure provider at the corporate and government level. This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures.”

Bitfury is a prominent manufacturer of crypto mining hardware, and has recently launched its Clarke ASIC processor over the last few months. At the time of launch, the firm said it was already planning a new generation of mining hardware powered by these processors.

Bitfury also operates mining data centers across the world, with locations in Iceland, Norway and Canada, among others. It also works with B2B clients across commercial and government sectors, as one of the main technology companies operating specifically within the blockchain and cryptocurrency sectors.

Novogratz, CEO of Galaxy Digital and a renowned crypto investor, said the investment was attractive because of the expertise and vision of Bitfury’s management team.

“We are impressed with Bitfury’s unparalleled team, as well as the company’s vision, technical expertise and global reach, all of which are essential to advancing the underlying bitcoin ecosystem.”

The funding comes at a time of increasing support for the sector, with rival Bitmain lining up its own IPO, after launching its prospectus back in September.

It also comes amid ongoing speculation about a Bitfury IPO, with proposals for a listing in either London, Amsterdam or Hong Kong as early as 2019 previously discussed by the company.