×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Financial Markets | Money | Bitcoin | cryptocurrency | Genesis Digital | Paradigm | Kingsway Capital

Bitcoin Miner Genesis Digital Raises $431M in Fresh Capital

Bitcoin
One of Bitcoin's mining companies, Genesis Digital Assets, has raised $431 million in a funding round lef by Paradigm. Kingsway Capital was also in on the deal. (Dreamstime)

Tuesday, 21 September 2021 02:40 PM

Bitcoin mining company Genesis Digital Assets said on Tuesday it had raised $431 million in a funding round led by crypto-focused investment firm Paradigm, taking advantage of rising investor interest in the cryptocurrency sector.

The round also included bitcoin-focused financial services firm NYDIG, crypto firm FTX, venture capital firms Ribbit and Electric Capital and UK-based private equity fund Kingsway Capital.

Kingsway Capital had also invested $125 million in Genesis Digital Assets in July to help to aid the miner's expansion.

Despite wild price swings and a punishing mid-year slide, several institutional investors have dived into the cryptocurrency space this year in a boost for prices of bitcoin and other digital currencies.

FTX in July raised $900 million at a valuation of $18 billion.

Active since 2013, Genesis has mined more than $1 billion in bitcoin and recently bought 20,000 mining machines from China-based manufacturer Canaan Inc to ramp up its North America and Nordic operations.

The company said it expected to reach a data center capacity of 1.4 gigawatts by the end of 2023, compared with more than 170 megawatts as of September.

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
Bitcoin mining company Genesis Digital Assets said on Tuesday it had raised $431 million in a funding round led by crypto-focused investment firm Paradigm, taking advantage of rising investor interest in the cryptocurrency sector.
Bitcoin, cryptocurrency, Genesis Digital, Paradigm, Kingsway Capital
183
2021-40-21
Tuesday, 21 September 2021 02:40 PM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved