Azimut has successfully completed a new club deal worth 105 million euros to invest in Alps Blockchain, an Italian company and one of the main European players specialized in the production of computing power for Bitcoin mining. 

Azimut and the club deal of 105 million euros for the Italian mining company Alps Blockchain  

Azimut, independent group in asset management, wealth management, investment banking, and fintech, has completed a club deal of 105 million euros to invest in Alps Blockchain. 

The new capital will be used by the Italian company, which since 2018 has been creating and managing mining farms in Italy and around the world, to increase its computing power production and to promote the energy transition. 

Here is the announcement from Alps Blockchain on X:

Great news Azimut Group has strengthened its support for Alps Blockchain with a new €105M club deal! This investment will boost our international expansion and dramatically increase our computing power production for digital mining, promoting energy transition.

PRESS RELEASE… pic.twitter.com/UU5rBi67xN

— Alps Blockchain (@alpsblockchain) July 29, 2024

“Great news! The Azimut Group has strengthened its support for Alps Blockchain with a new club agreement worth 105 million euros! This investment will boost our international expansion and drastically increase our computing power production for digital mining, promoting the energy transition.”

The commitment of 105 million euros was achieved in record time – only two days -, after a previous round of 40 million euros executed in 2023. With these massive investments, Azimut confirms the trust and involvement of private investors in the growth of Alps Blockchain. 

Specifically, the current investment of Azimut was made through Azimut Direct Investment Alps Blockchain II SCSp. It is a dedicated Luxembourg vehicle that has invested in a guaranteed bond with a duration of 5 years with the option of early repayment by Alps Blockchain.

Thanks to this operation, approximately 1,000 clients are gaining exposure to the growth of the blockchain sector.

Azimut for Alps Blockchain: promoting Italian excellence in digital mining

Alps Blockchain is an Italian company that creates and manages mining farms, with the goal of contributing to the development of new technologies and promoting the energy transition.

In the last three years, the company has gone from installing 2,500 to over 15,000 machines for mining, globally. This increase has allowed Alps Blockchain to reach a total energy capacity of 50 MW and over 2 EH/s of computational power produced. 

Not only that, the revenue of Alps Blockchain has also seen considerable increases. In fact, from 697 thousand euros in 2020, the company then billed 17.3 million euros in 2022. Last year, revenues reached 43.6 million euros, with an increase of about 140% compared to the previous year. 

The investment made by Azimut for Alps Blockchain will serve to support the growth and internationalization path of Italian excellence in the mining sector. 

Already now, in addition to Italy, Alps Blockchain is present in Paraguay and Ecuador with mining farms that use hydroelectric energy. In Oman, however, the company is already present with a state-of-the-art mining farm within the Green Data City technology hub. At the moment, the strategic focus for its expansion is directed towards the Middle Eastern and North American markets. 

In this regard, Francesco Buffa, CEO of Alps Blockchain commented:

“At Alps Blockchain, we are committed to shaping projects that foster synergy between new technologies and the energy sector, generating a positive impact in both areas. This new investment represents an extraordinary confirmation of trust in our work and essential support for the near future. Precisely in conjunction with the sixth anniversary of the company’s founding, which was on July 20, we enthusiastically inaugurate a new chapter in its history dedicated to pursuing ambitious growth objectives”.

Francesca Failoni, CFO di Alps Blockchain, added: 

“The increase in resources will allow us to contribute even more substantially to the blockchain ecosystem, promoting the development of solid and sustainable projects over time. Thanks to this financial operation, we will be able not only to increase and make our existing sites more efficient, but also to invest in the creation of new plants, aiming to quadruple the production capacity of computing power in service of this technology by the first quarter of 2025”.

The last investment of 40 million euros

Azimut had made another investment in Alps Blockchain already last year, for a total amount of 40 million euros. 

In that case, there were as many as 600 clients of Azimut who took exposure to the growth of Alps Blockchain. 

Thanks to this continuous presence of Azimut in supporting the development of the Italian company, the Group will be able to expand its operations in the mining sector in support of the blockchain and Bitcoin ecosystem. 

On the other hand, Alps Blockchain continues in its mission to unite the world of blockchain and mining with that of energy.