Azimut’s recent €105 million investment in Alps Blockchain, executed within a mere two days, underscores robust investor confidence in the blockchain company’s growth trajectory and innovation. This significant funding follows a previous €40 million round in 2023. The investment, facilitated through Azimut Direct Investment Alps Blockchain II SCSp, a Luxembourg-based vehicle, was made into a five-year guaranteed bond with an early redemption option for Alps Blockchain. This strategic move has exposed approximately 1,000 customers from Azimut’s Italian network to the rapidly expanding blockchain sector.

Championing the Energy Transition

Established in 2018, Alps Blockchain has swiftly ascended to prominence within the blockchain industry. The firm operates mining farms dedicated to advancing new technologies and bolstering the energy sector. In the past three years, Alps Blockchain has quintupled its mining machines from 2,500 to over 15,000, achieving a total energy capacity of 50 MW and generating over 2 EH/s (exahash per second) of computing power as of June 2024.

This exponential growth is mirrored in the company’s financial performance. Revenues skyrocketed from €697,000 in 2020 to €17.3 million in 2022. With Azimut’s initial investment, revenues surged further to €43.6 million in 2023, marking a 140% increase compared to the previous year.

Strategic Global Expansion

The newly acquired funds are earmarked for supporting Alps Blockchain’s ongoing growth and international expansion endeavors. The company aims to consolidate its operations and explore new markets, with a particular focus on North America. Currently, Alps Blockchain operates mining farms in Paraguay and Ecuador, utilizing hydroelectric power for sustainable energy solutions. Additionally, the company boasts a state-of-the-art mining farm in Oman, located within the Green Data City technology hub, and is eyeing further expansion opportunities in North America.

Giorgio Medda, CEO and Global Head of Asset Management & Fintech at Azimut, expressed his enthusiasm, stating, “We are thrilled to strengthen our relationship with Alps Blockchain, whose objective is to make mining more sustainable. This new transaction is part of Azimut’s broader commitment to promoting a global and sustainable energy transition through innovative investment solutions in private markets.”

Commitment to Innovation and Sustainability

Francesco Buffa, CEO of Alps Blockchain, emphasized the company’s dedication to integrating new technologies with the energy sector, stating, “At Alps Blockchain, we are committed to shaping projects that foster synergy between new technologies and the world of energy, generating a positive impact in both sectors. This new investment is an extraordinary confirmation of confidence in our work and an essential support for the near future.”

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

About Azimut and Alps Blockchain

Azimut is a global leader in asset management, wealth management, investment banking, and fintech, serving individuals and businesses worldwide. Listed on the Milan Stock Exchange, Azimut operates in eighteen countries with a strong focus on emerging markets. The group comprises companies active in promoting, managing, and distributing financial and insurance products, primarily based in Italy, Luxembourg, Ireland, and other key global markets.

Alps Blockchain, founded in 2018, has established itself as a pivotal player in the blockchain industry, committed to developing technologies that integrate seamlessly with the energy sector to foster sustainable growth and innovation.