Leading global law firm Baker McKenzie has advised the Bitfury Group, the world's leading full-service blockchain technology company, on its USD $ 80 million private placement with global institutions and corporate investors.
The deal, announced today, will enhance Bitfury's strong growth plans and confirms the company's continued strength as a leading full-service blockchain company.
The Baker McKenzie team was led by London Corporate Partner Jannan Crozier, together with Senior Associate David Hart and Associate Dewi Evans.
Commenting on the deal, Jannan Crozier says: "We're delighted to have advised Bitfury on this significant funding round. As blockchain technology continues to grow, this is an exciting time to be involved in deals which are supporting building innovative solutions for the future."
“2018 has been a year of incredible expansion for Bitfury. This private placement reflects our achievements, and it recognizes our ability to address adjacent market segments in high-performance computing, including in emerging technologies like artificial intelligence (AI),” said Valery Vavilov, CEO and co-founder of Bitfury. “The institutionalization of blockchain and cryptocurrencies, partnered with the opportunity of these emerging technologies, is a natural expansion opportunity that Bitfury will build on – in 2019 and beyond. We are grateful to have partners like Baker McKenzie advising us as we move forward.”
The private placement was led by Korelya Capital, the European growth capital firm backed by Korean digital giant Naver Group. The placement was joined by investors such as Macquarie Capital, Asian financial institution Dentsu Inc., European investment company Armat Group, European fund managers Jabre and Lian Group, special situations investment firm Argenthal Capital Partners, insurance group MACSF and Galaxy Digital, a specialized digital asset merchant bank led by Mike Novogratz. iTech Capital, an Eastern European tech specific private equity firm and historical investor in Bitfury, also took part in the placement.
European technology investment bank Bryan, Garnier & Co. advised the company on the private placement.
Baker McKenzie has a global multi-disciplinary blockchain group which advises clients on a wide range of blockchain and crypto-asset projects and deals. The firm has also formed collaborations with a number of leading blockchain initiatives and stakeholder groups, including being a member of R3’s Legal Center of Excellence and partnering with the Accord Project on their Smart Legal Contracts Initiative.