Bitcoin mining firm Genesis Mining, Inc. has announced the launch of what is claimed to be the world’s first Bitcoin mining fund.
The Logos Fund will cater to high net worth individuals, investment funds, and accredited investors looking to take part in the rapidly growing Bitcoin ecosystem, and will operate as a Securities and Exchange Commission (SEC) registered Reg D fund, with the company also intending to register with the German financial regulator BaFin so that the offering can be made available to EU investors.
Genesis Mining is pitching the new fund as a way for investors to gain direct access to Bitcoin mining without having to purchase and manage their own hardware.
“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,” Genesis Mining Chief Executive Officer and Founder Marco Streng said in a statement sent to SiliconANGLE. “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 was founded in 2014 and pitches themselves as being a different breed of Bitcoin miner in that they are dedicated to transparency, community activism, and “constant innovation,” which is their words has “allowed the company to scale faster and more effectively than many other companies in the industry;” the commitment to openness may not sound like much on paper, but it’s something long overdue in a space that has had more than its fair share of failures over the last few years from operators who were either incompetent, or outright frauds.
They’re also our favorite Bitcoin trolls with the company having run an advocacy campaign with mobile billboards targeting JP Morgan Chase Chief Executive Officer Jamie Dimon during the annual North American Bitcoin conference in Miami back in January.
Putting its money where its mouth is Genesis Mining is seeding the fund with $1 million of its own capital, and the fund itself will be managed by Björn Tilmann Arzt, the Global Head of Structured Capital Markets at Italian global banking and financial services company UniCredit Group, and Dr. Florian Putzka, a senior legal professional also from UniCredit.
Image credit: martisunshine/Flickr/CC by 2.0
Duncan is a co-founder of VC funded media company B5Media and founder of news site The Inquisitr, and was a senior writer at TechCrunch in its earlier days.
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