The asset manager announced the launch of Grayscale Digital Infrastructure Opportunities LLC (“GDIO”) on October 6, a private co-investment opportunity in mining technology that underpins Bitcoin (BTC). In particular, Grayscale is employing the operational skills of Foundry, an associated digital asset mining and staking infrastructure provider, to operate GDIO’s day-to-day operations in the firm’s newest offering. Grayscale CEO Michael Sonnenshein stated: He added:
Mined Bitcoin distributed to investors
Together with its sister company Foundry (also part of Digital Currency Group), the cryptocurrency firm is forming a limited liability company (LLC) that will use the funds it raises from accredited investors to purchase both new and used cryptocurrency mining equipment, as well as to provide financing to existing mining businesses. Miners have had a tough crypto winter, as the decline in Bitcoin’s value by more than half this year, with rising energy costs and a lack of available funding, has slashed their profit margins. This has directly impacted the price of Bitcoin mining hardware, such as the highly specialized computers in such great demand during the bull run last year that they reached record highs.
