In its latest funding round, BitFury raised $80 million, increasing the amount raised since 2014 to $170 million. The investors were: Mike Novogratz's company Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat Group and others.
Greg Revenu, managing partner of European investment firm Bryan, Garnier & Co, who is also a financial advisor and placement agent for BitFury, emphasized that this investment is a confirmation of the “global institutionalization” of the blockchain industry.
As the market matures, we have seen the adoption of blockchain technology accelerate across the world in all areas at both the corporate and government levels. This event makes BitFury a leading service provider in the field of B2B technology.
Currently, the BitFury Group employs more than 700 employees from 15 countries in North America, Europe, the Middle East, Africa and Asia.
In addition, the group operates mining farms in Iceland, Canada, Georgia and Norway, offering hashrate to some of the best mining pools in the world. BitFury is also known for producing mining hardware and recently released a new ASIC Clarke chip for bitcoin mining. The development of blockchain applications for corporations and government organizations brought the company half a billion dollars in revenue during the reporting period.
BitFury plans to use the raised $80 million to expand its activities around the world and enter related market segments, for example, the artificial intelligence market.
In addition, the company is going to carry out initial public offering (IPO) with the goal of receiving government funding in the amount of $3 billion. The company's main competitor, Bitmain, which has already filed an application in Hong Kong, is also planning to carry out an IPO.
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