Bitcoin mining company Genesis Mining has announced the creation of what is believed to be the world’s first mining fund, reports SiliconANGLE.
The Logos Fund will target high net worth individuals, investment funds and accredited investors seeking to enter the bitcoin sphere and run as a Securities and Exchange Commission (SEC)-registered Reg D fund. Genesis Mining also plans to register with the German financial regulator BaFin in order for the offering to be made available to investors in the European Union.
SiliconANGLE reported that Genesis Mining is touting the new fund as a way for investors to obtain direct access to bitcoin without need to buy and manage their own hardware.
“We’ve made a habit of listening to our customers and doing what they ask. This is what’s allowed us to reach over 100,000 customers in just two years and what will make this fund a success,” said Genesis Mining founder and CEO Marco Streng. “When you receive a $100 million worth of inquiries from bigtime investors looking to enter the market, you’d be foolish not to listen and build a solution.”
International Business Times reported that since its launch in early 2014, Genesis Mining has distinguished itself from competitors with its dedication to community activism, ongoing innovation and transparency, allowing the firm to scale faster and more effectively than have many other bitcoin mining companies. Genesis uses only sustainable geothermic and hydro-electric sources of energy in Iceland, where its miners are located.
Genesis Mining will seed the Logos Fund with $1 million of its own capital. According to SiliconANGLE, the fund will be managed by Björn Tilmann Arzt, the global head of structured capital markets at Italian global banking and financial services company UniCredit Group and Dr. Florian Putzka, a senior legal professional with UniCredit.
Images courtesy of Genesis Mining