Home News Bitfury raised $80 million in a closed investment round

Bitfury raised $80 million in a closed investment round

Bitfury, a cryptocurrency mining startup, has attracted $80 million during a recent closed funding round. The raised funds, among other things, will be spent on the development of the company’s Russian Office. Notably, the rumors about Bitfury’s plans to launch an IPO leaked to the media a few weeks ago.

Bitfury Group, an international mining software and hardware producer, has raised $80 million in a recent closed investment round, as reported by RBK news outlet.

The European venture capital fund Korelya Capital was the largest investor in this round. Among other participants were the South Korean company Naver Group, Armat Group investment company, MACSF Insurance Group, Mike Novogratz’s cryptocurrency bank Galaxy Digital, and a number of other funds including Masquarie Capital and Dentsu. The Russian iTech Capital fund also invested in Bitfury once again.

“Bitfury has grown from a small startup into the largest Western blockchain unicorn, with world-class leadership and expertise, consistently introducing innovative solutions across the entire blockchain ecosystem,” – commented co-founder and Managing Partner of Korelya Capital, Antoine Dresch.

According to Bitfury’s official press release, the raised funds will be spent on reinforcing the top management team, fuelling a number of strategic projects and strengthening the company’s market positions. Some of the funds will also be allocated to expand Bitfury’s office staff in Moscow.

As reported last month, Bitfury Group considers launching an IPO on one of the international stock exchanges. This move may become precedential among European companies involved with blockchain and crypto. Should these rumors prove to be true, Bitfury’s value may reach $3-5 billion.