Genesis Digital Assets has raised $125 million in equity funding to fuel its expansion plans in the U.S. and the Nordic region.
- The investment was led by Kingsway Capital, a U.K-based private equity fund with over $2 billion in assets under management, an announcement Wednesday said.
- Genesis plans to use the funding to purchase equipment and build new data centers in the U.S. and the Nordic region.
- The firm recently purchased 10,000 mining machines from manufacturer Canaan, an acquisition that founder Abdumalik Mirakhmedov expects to at least double Genesis' hash rate in the coming months.
- Kingsway's focus is on frontier emerging markets, and CEO Manuel Stotz cited bitcoin's potential as a technology for "financial inclusion of the global poor and unbanked" as a motivation for the investment.
- "Mining provides security to make this possible," he added.