Bitfury Group Raises $80 Million in Private Funding Round
Blockchain technology provider Bitfury Group announced on Tuesday that it had secured $80 million through a Private Placement with institutional investors, which involves the sale of stock to high nets worth institutions such as hedge funds, banks, and insurance companies.
Institutional and corporate investors from Europe, Asia, and the U.S. participated in Bitfury’s $80 million private placement, led by Korelya Capital, the European arm of South Korea’s Naver Group.
Greg Revenu, Managing Partner of Bryan, Garnier & Co, a Europe-based investment bank, which is also the Sole Financial Advisor and Placement Agent for the BitFury’s funding, stressed that the latest investment marks the “global institutionalization” of the blockchain industry.
“This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures,” said Bitfury Executive Vice Chairman George Kikvadze.
The company did not mention exactly what the money will be used for – executive vice chairman George Kikvadze said that it would “position us for our next phase of growth as the market matures.”
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