DCG to Invest $100M in Bitcoin Mining Venture
Blockchain investment firm Digital Currency Group has branched into the bitcoin mining industry though a subsidiary called Foundry.
Aug 27, 2020 at 2:16 p.m. UTCUpdated May 9, 2023 at 3:11 a.m. UTC
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Blockchain investment firm Digital Currency Group (DCG) has expanded into the bitcoin mining industry.
- The company – which also owns CoinDesk – announced Thursday the venture is already operating through a subsidiary called Foundry, an entity launched in 2019.
- Foundry provides cryptocurrency miners and equipment makers with "institutional expertise, capital, and market intelligence," DCG said.
- It's also "one of the largest bitcoin miners in North America," per the announcement, and has provided "tens of millions of dollars" in financing to other mining operations.
- A DCG representative told CoinDesk that capital would primarily comprise equipment finance loans, but Foundry may also make investments given "the right opportunity."
- Mike Colyer, previously a Core Scientific senior vice president, has been Foundry’s CEO since last October, according to his LinkedIn profile.
- "Foundry is bringing critical resources and guidance to an essential corner of the industry," said Barry Silbert, DCG's founder and CEO.
- DCG said it plans to invest more than $100 million into Foundry through 2021, as well as bring miners and manufacturers access to its network of companies.
- DCG said Foundry also aims to partner with major entities across mining and staking, and pledged to "work closely" with energy providers and governments to help these firms carry out their mining strategies.
- Foundry has been working in North America with China-based bitcoin miner manufacturer MicroBT over the last year, COO Jordan Chen said in the announcement.
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