Bitfury Group Valuation, Funding & Investors
Bitfury Group is valued at $1B as of July 2018.
Last Bitfury Group valuation
$1B
Undisclosed stage · Jul 2018
Last Bitfury Group funding round
$80M
Undisclosed stage · Jul 2018
Cumulative funding Bitfury Group raised
$170M
across 5 funding rounds
Key investors in Bitfury Group
Bill Tai
Georgian Co-Investment Fund
Blockchain Capital
QueensBridge Venture Partners
DRW Venture Capital
Korelya Capital
About Bitfury Group
Bitfury Group is an Amsterdam-headquartered full-stack blockchain company providing hardware and software infrastructure. It manufactures ASIC miners, develops the Exonum blockchain framework, and operates large-scale mining facilities in Georgia, Iceland, and Sweden. Founded in 2011, Bitfury serves governments and enterprises with secure asset transfer solutions.
Founded
2011
HQ
AmsterdamWebsite
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Product sales, Services
Valuation
$1B (Jul 2018)
Bitfury Group Valuation
Bitfury Group is currently valued at $1B, based on its undisclosed-stage round in July 2018.
The $80M round was led by Korelya Capital.
Bitfury Group's valuation has grown 4.0x from $250M at its Series B in October 2014 to $1B in July 2018, across 3 priced rounds.
Bitfury Group valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2018 | Undisclosed stage | $1B |
| Jul 2015 | Series C | $250M |
| Oct 2014 | Series B | $250M |
Bitfury Group Funding History
Bitfury Group has raised a total of $170M across 5 funding rounds.
Bitfury Group's first fundraising round was a $20M Series A in May 2014. The most recent completed round was a $80M undisclosed-stage round in July 2018.
Bitfury Group funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2018 | Undisclosed stage | Korelya Capital (lead) | $80M | $1B | Bitfury Group is a leading blockchain technology company founded in 2011, specializing in hardware such as mining chips, servers, and immersion cooling technology, as well as software platforms like Exonum, Crystal, and Lightning Peach for blockchain services including security and enterprise solutions. The company operates globally with over 700 employees across 17 countries and provides high-performance computing for blockchain infrastructure, serving governments and corporations, such as a blockchain-based land registry in Ukraine. In November 2018, Bitfury closed an $80 million Series C private placement led by Korelya Capital, with participation from Macquarie Capital, Dentsu Japan, Jabre Group, Lian Group, Argenthal Capital Partners, Armat Group, MACSF, Foyer, Galaxy Digital, and iTech Capital. The funds were intended to expand software and hardware development, secure the Bitcoin blockchain, and explore adjacent technologies like high-performance computing and artificial intelligence. Executive vice chairman George Kikvadze highlighted the company's position for growth, noting half a billion dollars in revenues as the largest western blockchain infrastructure provider at corporate and government levels. The company had previously raised $20 million in 2014 and another in 2015. In 2018, it launched the Clarke ASIC mining chip and expanded operations, including a base in South Korea. |
| Jan 2017 | Undisclosed stage | Credit China FinTech Holdings (lead) | $30M | - | Bitfury Group, a blockchain technology company focused on Bitcoin mining hardware, chips, and data centers, entered into a US$30 million deal with Credit China FinTech Holdings Limited on January 25, 2017. The agreement included an investment in Bitfury shares and the establishment of a joint venture targeting the China market to leverage blockchain for FinTech platforms. Credit China FinTech, a Hong Kong-listed (8207.HK) integrated FinTech service provider, aimed to enhance its platforms for SMEs and consumers in China through this partnership, emphasizing blockchain for secure value transfer over the internet. Bitfury's CEO Valery Vavilov highlighted the opportunity to expand into China, a key market. No details on the valuation, amount of equity acquired, revenue, ARR, EBITDA, or valuation multiples were disclosed in the press releases or related coverage. The deal positioned Bitfury for Chinese blockchain expansion amid growing interest in the technology. Credit China FinTech provided services like online payments, lending, financial investments, and supply chain finance, seeking to integrate Bitfury's expertise for competitiveness. |
| Jul 2015 | Series C | Social Discovery Group; Georgian Co-Investment Fund; DRW Venture Capital; iTech Capital | $20M | $250M | Bitfury Group is a Bitcoin blockchain infrastructure provider, transaction processing company, and manufacturer of bitcoin mining hardware, including energy-efficient 28 nm chips and USB mining rigs like the HexFury. Founded in 2011 by Valery Vavilov and Valery Nebesny, it operates offices in San Francisco, Amsterdam, and Washington D.C., with data centers in Iceland, Finland, and plans for a massive 100 MW facility in Georgia. The company has evolved from ASIC chip production to broader blockchain services, recently acquiring Allied Control for immersion cooling technology and unveiling innovative products like bitcoin-mining lightbulbs. In July 2015, Bitfury raised $20 million from DRW Venture Capital, Georgian Co-Investment Fund (providing half), iTech Capital, and others including Binary Financial, Crypto Currency Partners, Queensbridge Venture Partners, and ZAD Investment Company. This marked its third round in two years, bringing total funding to $60 million, surpassing rivals like KnCMiner. The investment supports expansion, particularly the development of the world's largest bitcoin mining data center in Georgia, leveraging the country's business-friendly environment, and accelerates growth in next-generation hardware and services. The round indicated a $250 million valuation for Bitfury, positioning it as a leader in the Bitcoin industry amid ambitions to become the first publicly listed Bitcoin company. Investors highlighted blockchain's disruptive potential in FinTech, with the funding validating Bitfury's strategy and industry leadership. |
| Oct 2014 | Series B | Lars Rasmussen; Georgian Co-Investment Fund; Bob Dykes; Bill Tai | $20M | $250M | Bitfury Group, founded in 2011 with offices in San Francisco and Amsterdam, is the world's largest provider of bitcoin-related hardware and data center solutions for mining operations, operating facilities in Finland and Iceland. In October 2014, it secured $20 million in funding, half from the Georgian Co-Investment Fund (GCF), a $6 billion fund backed by international investors, with the remaining $10 million from Binary Financial, Crypto Currency Partners, Queensbridge Venture Partners, and ZAD Investment Company. The round valued the company at $250 million, as indicated by Bitfury in connection with the funding. CEO Valery Vavilov highlighted the round's validation of their strategy toward becoming the first publicly listed bitcoin company. The funds were earmarked to accelerate growth, including development of the world's largest bitcoin mining center in Georgia, leveraging the country's business-friendly environment. This built on prior fundraising, with a May 2014 $20 million Series A round bringing total capital raised to $60 million by late 2014. Bitfury had recently launched a 28nm energy-efficient chip, boosting its mining hash rate share from 6% to 16%, positioning it as the largest private miner amid intense competition from Chinese pools. Despite profitability noted by vice chairman George Kikvadze, the capital was critical for high mining costs, chip development, data center expansion, and acquisitions like Allied Control for immersion cooling technology. Bitfury continued evolving from ASIC miner to blockchain infrastructure provider. |
| May 2014 | Series A | Bill Tai (lead); ZAD Investments; Binary Capital; Binary Financial; Blockchain Capital; QueensBridge Venture Partners | $20M | - | Bitfury Group, founded in 2011 by Valery Vavilov and headquartered in Amsterdam, develops hardware and software solutions for blockchain infrastructure, including Bitcoin mining equipment and data centers. The company attracted three investment rounds totaling $20 million in 2014-2015, representing half of global bitcoin infrastructure investments at the time, but valuations and investor shares were not disclosed. The first round in May 2014 included investors Binary Financial, Crypto Currency Partners (likely related to Blockchain Capital), Queensbridge Venture Partners, ZAD Investment, Georgian Co-Investment Fund, and angels Jonathan Teo (former General Catalyst) and Bill Tai (noted as Till Tai in source). Bill Tai, a board member, participated significantly in the follow-on October 2014 round alongside the Georgian fund and new investor Lars Rasmussen (Google co-founder). These funds supported data center expansion and R&D, as Bitfury was already profitable per VP George Kikvadze's WSJ comments post-third round. No specific round size attribution to May 2014, though later announcements reference $20 million funding. Traction included global operations and profitability in 2014-2015. Total revenues from mining and chip sales reached about $125 million for 2015-2016. By 2017, Bitfury expanded to China via a joint venture with Credit China Fintech Holdings, securing $30 million investments for blockchain promotion and equipment sales. |
Who has invested in Bitfury Group?
14 investors have backed Bitfury Group across its funding rounds, including Bill Tai, Georgian Co-Investment Fund, Blockchain Capital, QueensBridge Venture Partners, DRW Venture Capital and Korelya Capital.
Lead investors include Korelya Capital, Credit China FinTech Holdings and Bill Tai.
Bitfury Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tbilisi | 2 | Participant | Oct 2014 | |
 San Francisco, CA | 2 | Lead | May 2014 | |
 Paris | 1 | Lead | Jul 2018 | |
 Jeddah | 1 | Participant | May 2014 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Lars Rasmussen |  Athens | 1 | Participant | Oct 2014 |
| San Francisco, CA | 1 | Participant | May 2014 | |
| New York City, NY | 1 | Participant | Jul 2015 | |
| Minneapolis, MN | 1 | Participant | May 2014 | |
| San Francisco, CA | 1 | Participant | May 2014 | |
| Chicago, IL | 1 | Participant | Jul 2015 | |
 Latvia | 1 | Participant | Jul 2015 | |
| Bob Dykes | San Francisco, CA | 1 | Participant | Oct 2014 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Bitfury Group
Bitfury Group has acquired 1 company to date.
Last acquisition by Bitfury Group was on December 11th 2019. Bitfury Group acquired Shyft for undisclosed valuation.
Latest Acquisitions by Bitfury Group
| Description | Shyft Network is a blockchain protocol for identity verification and compliance data handling. It enables secure sharing of KYC documents and transaction credentials between centralized institutions and decentralized applications. Shyft Network supports cryptocurrency exchanges and wallets with privacy-preserving data feeds. |
| HQ Country |  |
| HQ City | Bridgetown |
| Deal Date | 11 Dec 2019 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Investments by Bitfury Group
Bitfury Group has invested in 3 companies to date.
Latest investment by Bitfury Group was on February 24th 2026. Bitfury Group invested in Axelera AI in their $250M Undisclosed stage round.
Latest Investments by Bitfury Group
| Description | Axelera AI is an Eindhoven-headquartered company building hardware-software platforms for energy-efficient AI inference at the edge. Launched in 2021 after incubation by Bitfury in 2019 and imec in 2020, its Metis AI Platform delivers high-performance processing for computer vision and generative AI tasks. Recognized as a CES 2024 Innovation Awards Honoree, Axelera maintains R&D sites in Belgium, Switzerland, and Italy with talent from leading AI enterprises. | Gonka is a decentralized network optimizing global GPU capacity for AI workloads, providing researchers access to computational resources without centralized restrictions. | Axelera AI is an Eindhoven-headquartered company building hardware-software platforms for energy-efficient AI inference at the edge. Launched in 2021 after incubation by Bitfury in 2019 and imec in 2020, its Metis AI Platform delivers high-performance processing for computer vision and generative AI tasks. Recognized as a CES 2024 Innovation Awards Honoree, Axelera maintains R&D sites in Belgium, Switzerland, and Italy with talent from leading AI enterprises. | RSK Labs develops the RSK open-source platform, a smart contract system featuring a two-way peg to Bitcoin and merge-mining rewards for Bitcoin miners. It extends the Bitcoin ecosystem with smart contracts, near-instant payments, and improved scalability for decentralized applications. |
| HQ Country | |  | |  |
| HQ City | Eindhoven | - | Eindhoven | Buenos Aires |
| Deal Date | 24 Feb 2026 | 2 Dec 2025 | 15 Sep 2021 | 22 May 2017 |
| Round | Undisclosed stage | Undisclosed stage | Seed | Seed |
| Raised | $250M | $50M | $12M | $4M |
| Investors | European Innovation Council; SFPI-FPIM; Samsung Catalyst Fund; SiteGround Capital; BlackRock; CDP Venture Capital; Verve Ventures; Innovation Industries; Invest-NL | - | imec; Innovation Industries; imec.xpand | Digital Finance Group (DFG); Bitmain; Enabling Future; Anthony Di Iorio; George Burke; Moe Levin |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Bitfury Group Competitors
Bitfury Group competitors include listed companies like HashKey Holdings and OSL Group, and private ones like Andalusia Labs, Axelar Network, CoinBridge and Endless.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Abu Dhabi | Private | - | - | $1B | - | |
 Waterloo | Private | - | - | $1B | - | |
 Herzliya | Private | - | - | $1B | - | |
 Hong Kong | Private | - | - | $1B | - | |
| Hong Kong | Publicly listed | $92M | ($109M) | $884M | - | |
| Hong Kong | Publicly listed | $62M | ($48M) | $1.2B | 11.3x |
Bitfury Group Public Comps
Bitfury Group is still privately-owned, but its public comps include HashKey Holdings, BitGo Holdings, OSL Group, Indokripto Koin Semesta, Rhino Bitcoin, Securitize, Stewards, Coincheck Group, Bakkt and Chaince Digital.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| - | - | - | - | - | - | |||
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
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Common questions about Bitfury Group
| When was Bitfury Group founded? | Bitfury Group was founded in 2011. |
| Where is Bitfury Group headquartered? | Bitfury Group is headquartered in Amsterdam, Netherlands. |
| Is Bitfury Group publicly listed? | No, Bitfury Group is a private, VC-backed company. |
| What is Bitfury Group's valuation? | Bitfury Group was last valued at $1B in its undisclosed-stage round in July 2018. |
| How much funding has Bitfury Group raised? | Bitfury Group has raised $170M across 5 funding rounds. |
| What was Bitfury Group's last funding round? | Bitfury Group's last funding round was a $80M undisclosed-stage round in July 2018, led by Korelya Capital. |
| Who are Bitfury Group's investors? | Bitfury Group's investors include Georgian Co-Investment Fund, Bill Tai, Korelya Capital, ZAD Investments, Lars Rasmussen, Binary Capital, Social Discovery Group, Binary Financial, Blockchain Capital, DRW Venture Capital and 4 others. |
| Which companies are comparable to Bitfury Group? | Companies comparable to Bitfury Group include Andalusia Labs, Axelar Network, CoinBridge, Endless, HashKey Holdings and OSL Group. |
| How many companies has Bitfury Group acquired? | Bitfury Group has acquired 1 company, including Shyft. |
| How many companies has Bitfury Group invested in? | Bitfury Group has invested in 3 companies, including Axelera AI, Gonka and RSK Labs. |
| What was Bitfury Group's last investment? | In February 2026, Bitfury Group invested in Axelera AI's $250M undisclosed-stage round alongside European Innovation Council, SFPI-FPIM, Samsung Catalyst Fund and 6 other investors. |
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