Bitcoin cloud mining provider Genesis Mining has announced the launch of what it calls the world’s first Bitcoin mining fund.
The fund, which officially filed Form D with the SEC last week will be called Logos Fund and will cater exclusively to high net worth individuals, investment funds, and accredited investors looking to take part in the rapidly growing Bitcoin ecosystem.
Instead of investors investing directly into mining by purchasing and managing their own hardware, they can invest in the Logos Fund investment vehicle, giving them direct access to Genesis Mining’s industry expertise, large scale operations, and discounted hardware.
Bitcoin and its underlying technology, known as Blockchain, has garnered serious interest from major Wall Street banks and Silicon Valley. To date, over $1 billion has been invested into Bitcoinrelated startups since 2013, which is ostensibly being used to establish the infrastructure needed to scale Bitcoin.
Mining is central to Bitcoin’s viability and success. High-powered supercomputers join together to process and record Bitcoin transactions. Bitcoin mining enables the decentralized network functionality that is crucial for Bitcoin to operate.
Genesis Mining claims to have worked with more than 100,000 customers to date. Throughout the past two years of operation, Genesis Mining also claims that it has received over $100 million worth of inquiries from professional investors looking to invest in Bitcoin mining through a professional investment vehicle.
CEO and co-founder of Genesis Mining Marco Streng stated:
We’ve made a habit of listening to our customers and doing what they ask. This is what’s allowed us to reach over 100,000 customers in just two years and what will make this fund a success. When you receive $100 million worth of inquiries from bigtime investors looking to enter the market, you’d be foolish not to listen and build a solution.
Genesis Mining will seed the fund with $1,000,000 of its own capital. The fund will be managed by Björn Tilmann Arzt and other professionals who combined have over 30 years of experience in fund management and financial services law.