Crypto mining firm Luxor Technologies is enlisting institutional bitcoin shop NYDIG as an investor and partner.
Announced Wednesday, Luxor has closed a $5 million Series A funding round. In addition to leading the round, NYDIG will work with Luxor on "a number of mining-related ventures and hashrate-based products," Luxor said in a press statement.
"Luxor is uniquely positioned to capitalize on industry tailwinds that see hashrate continuing to migrate to North America," said Luxor CEO Nick Hansen.
Said NYDIG CEO Robert Gutmann: “We’re confident in Nick’s vision and his team’s ability to drive and expedite the hashrate migration to North America, and the development of instruments that can strengthen the Bitcoin ecosystem.”
Luxor had previously raised a $725,000 pre-seed round from mining firm Argo Blockchain, crypto lender Celsius Network, derivatives exchange Bitnomial and others.
NYDIG acquired Arctos Capital, a commercial lender focused on the bitcoin mining space, in April. The Luxor investment appears to be NYDIG's first in a crypto mining firm.
An email to NYDIG was not returned by press time.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.