Firmus, a company that transitioned from Bitcoin mining to artificial intelligence infrastructure, has secured $2 billion in equity funding at a post-money valuation exceeding $10.5 billion, as reported by Reuters. The round saw participation from existing investors Nvidia and Coatue Management, with new backing from a Blackstone-managed fund and Jane Street. The capital will accelerate the construction of Firmus’ AI factories in Australia and support further expansion across Asia.
This massive raise comes amid a broader trend of former crypto miners repurposing their high-performance computing capabilities and energy resources for AI workloads. Firmus originally operated as a Bitcoin mining firm but pivoted as the industry faced increasing energy costs and regulatory scrutiny. The strategic involvement of Nvidia, a leading AI chipmaker, underscores the potential for partnerships in supplying GPUs essential for AI data centers.
However, the enthusiasm around such pivots is being tempered by growing doubts about AI profitability. Nordea, one of the largest financial institutions in the Nordic region, issued a cautionary note warning that heavy capital expenditures in AI have not yet translated into proportional profit increases. The bank’s strategists argue that current market valuations may overstate near-term growth prospects, and investors are demanding clearer evidence of sustainable returns.
This dual development—a major capital injection for an ex‑Bitcoin miner and a top‑tier financial institution questioning AI’s near‑term economics—creates a complex backdrop for both the crypto mining and tech sectors. For Bitcoin mining, it signals that some operators see better opportunities elsewhere, while the Nordea warning injects risk into the very AI ventures they are chasing.
