Grayscale Unveils Bitcoin Mining Investment Entity Operated by Foundry
Grayscale aims to take advantage of the slide in bitcoin price with a new investment product focused on bitcoin mining hardware.
- It was launched via the newly founded Grayscale Digital Infrastructure Opportunities (GDIO), a "private, co-investment opportunity in mining hardware that powers the bitcoin ecosystem."
- "GDIO will use invested capital to purchase mining equipment – as it becomes available for sale in the coming months at what is likely to be discounted prices," said Rayhaneh Sharif-Askary, Grayscale head of investor relations. "GDIO will then deploy this equipment to mine bitcoin, sell bitcoin daily, and distribute cash generated to investors, generating income.
- Foundry, which runs one of the biggest mining pools, Foundry USA, will manage the day-to-day operations of the new entity, which is the first of its kind for Grayscale. Foundry and Grayscale are both subsidiaries of the Digital Currency Group (DCG).