- Bitfury says its new war chest will enable it to expand its operations into adjacent markets such as artificial intelligence (AI)
- Bryan, Garnier & Co served as the Sole Financial Advisor and Placement Agent for Bitfury
The Bitfury Group, a leading blockchain technology unicorn and bitcoin ASIC mining chip manufacturer has raised a whopping $80 million from a private placement led by Korelya Capital, a European growth capital company backed by Naver Group and joined by several highly reputed institutional investors including Mike Novogratz’s Galaxy Digital.
And The Unicorn Gets Even Bigger
The Bitfury Group, a global distributed ledger technology company headquartered in Amsterdam, has reportedly closed an $80 million Private Placement to support its growth and expand operations into other new technologies and the adjacent market segment including artificial intelligence (AI).
The Private Placement was led by Korelya Capital, a VC firm backed by Korea’s Naver Group, as well as other highly reputed institutional investors including Mike Novogratz’s Galaxy Digital, which is a New York-based digital asset merchant bank, Lian Group, iTech Capital and a host of others.
Bryan, Garnier & Co, a leading European investment bank acted as the Sole Financial Advisor and Placement Agent for the cryptocurrency unicorn.
Established in 1996, Bryan, Garnier & Co provides equity research, private and public capital raising and various other services to startups and their investors.
Commenting on the latest development, the CEO of Bitfury Valery Vavilov noted that:
“The institutionalisation of blockchain and cryptocurrencies, coupled with the opportunity of these emerging technologies, is a natural expansion opportunity that Bitfury will build on, next year and beyond.”
Blazing the Crypto Trail
Founded in 2011 by Valery Vavilov, Bitfury is a market leader in the blockchain ecosystem, and the firm is the number one security and infrastructure provider for the Bitcoin blockchain.
The company currently controls about 2.17 percent of the global Bitcoin hashrate with 1150 PH/s, and the firm also designs and manufactures own bitcoin mining hardware just like China’s Bitmain.
In January 2017, they became the highest-funded bitcoin company after it received a $30 million funding from Credit China Fintech.
More recently, in October 2018, reports emerged that Bitfury is looking to go public via an initial public offering (IPO) in a European stock exchange next year.