Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Genesis Digital Assets raised $431 million to expand its bitcoin mining operations in North America and the Nordic region, the company said Tuesday.

  • Paradigm led the massive round, which also included NYDIG, FTX, Stoneridge, Ribbit and Electric Capital, as well as the family offices of Paul Tudor Jones by way of Kingsway Capital, according to a press release.
  • Genesis Digital Assets co-founder and CEO Marco Streng said the capital will help the company expand its operations in the clean energy space, a signal of the heightened importance of greening bitcoin.
  • “As we work towards our goal of bringing 1.4 gigawatts online by 2023, the capital raised from this round will be used to expand our bitcoin mining operations in locations where clean energy is easily accessible,” Streng said in the announcement.
  • Paradigm co-founder and Managing Partner Matt Huang joined Genesis Digital Assets’ board of directors following the round.
  • In July, Genesis Digital Assets raised $125 million in equity funding to fuel North American and Nordic expansion.
  • Genesis Digital Assets is different from Genesis, the crypto lending firm owned by CoinDesk parent company Digital Currency Group.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.