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DCG launches Fortitude Mining subsidiary for institutional crypto exposure
Capital markets company Digital Currency Group (DCG) has spun out a new cryptocurrency mining subsidiary, signaling its intent to provide institutional exposure to a diversified pool of mined crypto assets.
Key Takeaways
- DCG has spun off Fortitude Mining, a new crypto mining subsidiary, from Foundry.
- Fortitude aims to provide institutional exposure to a diversified pool of mined assets, while Foundry remains the largest Bitcoin mining pool, controlling over 30% of the network's hashrate.
- Foundry's restructuring included layoffs to focus on Bitcoin mining.
- The mining industry faces financial challenges, leading to increased mergers and acquisitions.
The new subsidiary, named Fortitude Mining, was previously part of Foundry, a decentralized mining and staking service.
The financial details of the acquisition were not disclosed. Fortitude Mining’s website lists Andrea Childs as the CEO. Childs joined Foundry in 2020 before heading the new DCG subsidiary. The spin-off may be part of a broader restructuring plan within Foundry, which laid off 16% of its U.S. workforce in December to focus on core Bitcoin mining operations.
Bitcoin mining post-halving and industry trends
Foundry continues to operate the largest Bitcoin mining pool, accounting for over 30% of the network’s hashrate. The Bitcoin mining industry has faced challenges following the network’s fourth halving in April 2024. Galaxy Digital reported $460 million in reverse mergers and acquisitions in the first half of 2024, forecasting continued industry consolidation. Publicly traded miners, such as MARA Holdings, Riot Platforms, and Hut 8, are diversifying their operations by retaining more of their mined Bitcoin, rather than selling it.
Bitcoin mining pools comparison. Source: Hashrate Index
Read also: DCG settles SEC case, pays $38 million over alleged negligence
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