Genesis Digital Assets raises $125 million to fund expansion

The American mining company Genesis Digital Assets has raised $125 million in equity financing to support expansion in the United States and Nordic countries.

According to the press release, the round was led by Kingsway Capital, a British private equity firm with assets under management of more than $2 billion.

Its CEO Manuel Stotz joined the board of Genesis Digital Assets.

Kingsway focuses on promising emerging markets. Commenting on the investment in the American firm, the fund’s head said:

\”Bitcoin will be the most important technology for the financial inclusion of the poor and the unbanked, and mining provides the security that makes this possible.\”

Genesis Digital Assets plans to deploy the raised capital to purchase equipment and to build data centres in the United States and Nordic countries.

As of July 2021, the company’s installed Bitcoin mining capacity stood at more than 150 MW, generating a hashrate of over 2.6 EH/s. It is expected to reach 5.5 EH/s within the next 12 months.

In April 2021, the Chinese manufacturer Canaan Creative announced the sale of Genesis Digital Assets’ ASIC miners for $93.63 million as part of a strategic partnership.

In June, the companies expanded the partnership and announced a contract for another 10,000 devices for Bitcoin mining.