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).