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Genesis Digital Assets Raises $431M for Expansion

Paradigm led the funding round, which included other venture heavyweights.

Updated May 11, 2023, 4:13 p.m. Published Sep 21, 2021, 6:29 p.m. 1 min read

Genesis Digital Assets raised $431 million to expand its bitcoin mining operations in North America and the Nordic region, 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 the company 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 Digital Assets’ board of directors following the round.
In July, Genesis Digital Assets raised $125 million in equity funding to fuel North American and Nordic expansion.
Genesis Digital Assets is different from Genesis, the crypto lending firm owned by CoinDesk parent company Digital Currency Group.

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