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About BitFury
BitFury is a technology company that started as a Bitcoin mining and blockchain infrastructure provider, and has since evolved into an incubator and investor focused on Web3, artificial intelligence (AI), and sustainable high-performance computing (HPC).
Its core business spans three verticals: Web3 and digital assets (including Cipher Mining, a publicly listed data center company, and Crystal, a blockchain analytics platform for compliance and risk management), sustainable HPC (through LiquidStack, which develops two-phase immersion cooling systems for data centers), and AI (through Axelera AI, which designs energy-efficient AI accelerator chips).
The company's key strength lies in its deep technical expertise in blockchain hardware, ASIC chip design, and immersion cooling, which it now applies to support a portfolio of independent companies. Its stated mission is to bridge the gap between rapid technological advancement and ethical development, aiming to build a resilient, transparent, and human-centric future.
Market pain points BitFury addresses include the high energy consumption of data centers (via LiquidStack's cooling technology), the need for regulatory compliance in cryptocurrency transactions (via Crystal), and the demand for efficient, accessible AI computing (via Axelera AI).
Regarding developments in the past six months (2026-03-12 to 2026-09-12), no reliable public information was found in the search results. Therefore, this section is not available.
Bitfury evolved from Bitcoin mining into a blockchain infrastructure leader. It launched a $1 billion investment program targeting AI, quantum computing and ethical technology, marking a strategic pivot toward long-term technological diversification.
The company also committed $12 million to Gonka AI, a decentralized AI computing network, reinforcing its position at the intersection of blockchain and advanced computing.
Former Bitfury executive Jonathan Gould’s confirmation as OCC Director further extends the firm’s regulatory influence.
Key progress in the past six months:
- Bitfury raised $231.2 million via prepaid forward contracts collateralized by its Cipher Mining stake, sold 1.8 million shares in June, and still controls about 14.6% of Cipher; Cipher also priced $810 million in senior secured notes.
- Bitfury invested $50 million into the Gonka ecosystem to advance decentralized AI compute infrastructure, and plans to establish a Foundation governed by an independent board. It also launched a $100 million investment plan focused on AI and quantum computing.
- In July, corporate governance changed: Valerijs Vavilovs and other directors stepped down, while Stijn Michiel Ehren was appointed. Bitfury is accelerating its transition into a technology incubator under its $1 billion ethical innovation strategy.
Future priorities: center on Web3, AI, and sustainable high-performance computing; develop Gonka-specific ASICs and commercial project incubation; and build professional governance with KPI-driven investment mechanisms.
Co-founder and CEO: Valery Vavilov.
Executive Vice Chairman: George Kikvadze (LinkedIn: https://www.linkedin.com/in/george-kikvadze-6256175/, Twitter: https://x.com/BitfuryGeorge).