FROM BITCOIN MINER TO INVESTMENT FIRM: BITFURY LAUNCHES $1 BILLION INITIATIVE TO BRIDGE AI AND CRYPTO

In a significant strategic shift, Bitfury, a company that began as a bitcoin miner and evolved into a broad technology incubator, today announced its official pivot to an investment firm. The centerpiece of this new chapter is the launch of a $1 billion funding initiative dedicated to backing a new generation of mission-driven, ethical innovators.

The firm’s newly articulated mission is to address a critical disconnect it identifies as a root cause of global challenges: the chasm between the breakneck speed of technological advancement and the much slower evolution of ethical frameworks. Bitfury aims to close this gap by accelerating ventures that embed core principles of ethics, transparency, and human values directly into the fabric of emerging technologies, spanning the fields of AI and crypto.

This transformation builds upon Bitfury’s pioneering 15-year legacy while dramatically expanding its role from a hands-on technology provider to a global catalyst for responsible innovation. The goal is to ensure the future digital economy develops with integrity and long-term sustainability at its core.

Leadership on a Mission: Voices on the New Chapter

The driving force behind this strategic pivot is a deeply held belief that technology must be a servant to human progress.

“Bitfury has always believed that technology must serve human progress,” said Val Vavilov, Co-founder and CEO of Bitfury. “This next chapter unites mission-driven investors and founders - people who have built with purpose - to support the next generation of innovators who share that calling. Together we can align innovation with values and build technologies that make people more independent, creative, and free.”

Vavilov elaborated on the core objective, stating, “Our mission is to close the gap between innovation and ethics by acting as a catalyst for founders and investors building technologies that serve people and promote long-term resilience. Throughout my life journey, I’ve focused on building systems that strengthen trust and empower humanity - and that’s the path Bitfury continues to follow today.”

George Kikvadze, Vice Chairman of Bitfury, emphasized how the firm’s historical expertise will be applied to this new frontier. “Bitfury’s record of incubating and capitalizing technology leaders will now be applied to a new generation of science-driven ventures. We are aligning a network of mission-driven investors and founders who bring capital, expertise, and purpose to scale technologies that meaningfully advance humanity.”

Deploying Capital for an Ethical Future

Bitfury has already secured the full $1 billion for this landmark initiative. The capital is sourced from the company's previous operations, its successful portfolio investments, and its extensive network of aligned investors. The firm is poised to begin deploying these funds to qualified, mission-driven startups as early as this year.

The initiative has also garnered support from key industry partners. Jason Weinstein, director of the Blockchain Alliance and advisor to Bitfury, commented, “From day one, Bitfury has been a constructive partner in building the public–private trust that responsible innovation requires. Their next chapter - backing founders who align cutting-edge tech with ethical guardrails - is exactly the kind of leadership the world needs today.”


About Bitfury

Founded in 2011, Bitfury grew into a global technology company developing cutting-edge solutions across blockchain, artificial intelligence, and advanced computing. Having played a pivotal role in institutionalizing Bitcoin and building the digital-asset ecosystem, Bitfury now leads a $1 billion funding initiative uniting mission-driven investors and founders—its global network of long-term partners and allies—to advance ethical, science-based technologies that strengthen human freedom and creativity.

A Legacy of Building Foundational Tech

Bitfury’s credibility in this new endeavor is rooted in a proven track record of incubating and spinning out successful technology companies. Founded in 2011 as a bitcoin miner, the company has since been a foundational force in the blockchain era. Its notable spin-offs include:

• Cipher Mining (CIFR) and Hut 8 (HUT), both now publicly listed on NASDAQ, which originated as Bitfury's mining operations in the U.S. and Canada, respectively.
• LiquidStack, a pioneer in immersion-cooling technology designed for the ultra-high-density computing demands of the AI era.
• Axelera AI, a European leader in the competitive field of AI-chip and hardware design.

Together, these Bitfury-incubated companies form the backbone of a modern, energy-efficient computing infrastructure that supports everything from AI and big data to digital assets.

The company’s commitment to trust and accountability is further evidenced by its creation of Crystal Intelligence, a leading crypto-compliance company, and its role as a founding member of the Blockchain Alliance. This public-private partnership was established to combat criminal activity involving blockchain by providing education and technical assistance to law-enforcement agencies. Bitfury also founded the Global Blockchain Business Council (GBBC) to strengthen industry collaboration and education.