Amsterdam’s Bitfury unveils $1B initiative to back ‘ethical innovation’ as it transforms into investment firm

Bitfury has pivoted from its work in mining and incubation to an investment firm and launches $1B initiative to support ethical innovation.

Amsterdam-based Bitfury has announced its pivot from a bitcoin miner turned technology incubator to a full investment firm. The company has launched a $1B funding initiative to support creators developing ethical technology.

The firm stated that its new focus is to address the gap between rapid technological growth and the slower progress of ethical standards.

Bitfury views this gap as a source of global problems and plans to support founders who prioritise ethics, transparency, and human values in new technology.

With this move, Bitfury expands its role from a developer of technology to an investor focused on ventures that place ethical principles at the centre of emerging systems. 

The Dutch company aims to influence the direction of the digital economy through support for projects that promote responsible practices and long-term stability.

George Kikvadze, Vice Chairman of Bitfury, says, “Bitfury’s record of incubating and capitalising technology leaders will now be applied to a new generation of science-driven ventures. We are aligning a network of mission-driven investors and founders who bring capital, expertise, and purpose to scale technologies that meaningfully advance humanity.”

Bitfury has secured the funds for this initiative through its previous operations, past investments, and investor network, and will begin deploying funds within this year.

Aiming to advance ethical innovation

Bitfury is setting a new direction for its next phase of work in ethical innovation. Founded in 2011 as a bitcoin miner, the company has spent the past 15 years building a record of activity across the blockchain sector. Over this period, Bitfury has created and supported several companies that operate across mining, cooling systems, and AI hardware.

Val Vavilov, co-founder and CEO of Bitfury, says, “Bitfury has always believed that technology must serve human progress. This next chapter unites mission-driven investors and founders — people who have built with purpose — to support the next generation of innovators who share that calling. Together we can align innovation with values and build technologies that make people more independent, creative, and free.”

“Our mission is to close the gap between innovation and ethics by acting as a catalyst for founders and investors building technologies that serve people and promote long-term resilience,” Vavilov added. “Throughout my life journey, I’ve focused on building systems that strengthen trust and empower humanity — and that’s the path Bitfury continues to follow today.”

Bitfury’s early mining operations in the US and Canada were separated into two companies, Cipher Mining and Hut 8, respectively, which later entered the NASDAQ market. 

The company also formed LiquidStack, a firm focused on immersion-cooling systems for high-density computing, and co-founded Axelera AI, which develops AI chips and related hardware. These entities form a network of computing operations that support AI, data processing, and digital-asset activity. Besides, Bitfury also launched Crystal Intelligence, a crypto-compliance firm used across the blockchain sector.

Additionally, the Dutch company has helped form the Blockchain Alliance, a public–private partnership that works with law-enforcement groups on matters related to Bitcoin and blockchain. To support industry coordination and education, the company also founded the Global Blockchain Business Council (GBBC).

Jason Weinstein, director of the Blockchain Alliance and advisor to Bitfury, adds, “From day one, Bitfury has been a constructive partner in building the public–private trust that responsible innovation requires. Their next chapter — backing founders who align cutting-edge tech with ethical guardrails — is exactly the kind of leadership the world needs today.”