Bitfury Closes $80 Million Funding Round

Bitcoin mining machine manufacturer Bitfury earlier considered the listing and said in a statement yesterday that it has received $80 million USD funding investment from a number of companies and venture capital funds led by venture capital firm Korelya Capital. 

Along with European venture capital fund Korelya Capital, investors in this financing include South Korea’s largest network services company Naver Group, Macquarie Capital, Dentsu, and Galaxy Digital, a prominent bitcoin investor Michael Novogratz. Bitfury’s executive vice president George Kikvadze said that this private placement will take the company’s management to the next level and broaden its financial strategy choices to prepare for future development.

Earlier, Bloomberg quoted sources as saying that Bitfury is considering listing as soon as possible next year and has contacted investment banks to discuss listings in Amsterdam, London or Hong Kong; its initial valuation is between $3 billion and $5 billion USD. The Bitfury representative refused to respond to the rumors. The source also pointed out at the time that the company was considering different practices including issuing debt financing or selling minority stakes.