Genesis Digital Assets raised $431 million to expand its bitcoin mining operations, 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 Genesis 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’ board of directors following the round.