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Azimut strengthens Italian Alps Blockchain with €105M club deal

Francesco -Buffa -CEO -& -Francesca -Failoni -CFO -Alps -Blockchain

Azimut, a global leader in asset management, wealth management, investment banking, and fintech, has solidified its support for Alps Blockchain S.p.A. with a new €105M club deal. This investment aims to finance the international expansion of Alps Blockchain, a leading European company in computational power production for blockchain technology and digital mining.

Paving the way for international growth

Azimut’s latest investment, completed in just two days, follows a previous €40M round in 2023. This rapid commitment reflects the strong confidence of private investors in Alps Blockchain’s growth and innovation. The investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a Luxembourg-based vehicle, which invested in a five-year guaranteed bond with an option for early redemption by Alps Blockchain. Approximately 1,000 customers from Azimut’s network in Italy have gained exposure to the burgeoning blockchain sector through this deal.

Leading the energy transition

Founded in 2018, Alps Blockchain has quickly established itself as a key player in the blockchain industry. The company operates mining farms aimed at developing new technologies and supporting the energy sector. Over the past three years, Alps Blockchain has quintupled its number of mining machines from 2,500 to over 15,000, reaching a total energy capacity of 50 MW and producing more than 2 EH/s (exahash per second) of computing power as of June 2024.

This growth is mirrored in the company’s financial success. Revenues soared from €697,000 in 2020 to €17.3M in 2022. Thanks to Azimut’s initial investment, revenues further increased to €43.6M in 2023, representing a 140% rise compared to the previous year.

Strategic global expansion

The newly raised funds will support Alps Blockchain’s ongoing growth and international expansion. The company plans to consolidate its operations and explore new markets, particularly in North America. Alps Blockchain currently operates mining farms in Paraguay and Ecuador, leveraging hydroelectric power for sustainable energy solutions. The company also has a state-of-the-art mining farm in Oman 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: “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

Alps Blockchain CEO Francesco Buffa emphasised the company’s dedication to integrating new technologies with the energy sector, “At Alps Blockchain, we are committed to shaping projects that foster the 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 group in asset management, wealth management, investment banking, and fintech, serving individuals and businesses worldwide. Listed on the Milan Stock Exchange, Azimut is a leader in Italy and operates in eighteen countries with a focus on emerging markets. The group includes 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, specialises in producing computational power for digital mining and integrating mining farms with traditional hydroelectric power plants. The company has extended its operations from Europe to South America and the Middle East, driving scalable growth through innovative energy and blockchain projects.

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