DCG Launches Fortitude Mining, A New Venture Mining Subsidiary Targeting High-Growth Digital Assets

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STAMFORD, Conn.--(BUSINESS WIRE)--Jan 29, 2025--

DCG today announced the launch of Fortitude Mining, a wholly-owned subsidiary that applies a venture mining approach to token mining opportunities across a range of digital assets. Built on the success of its five-year history as the self-mining division of Foundry, a leader in digital asset infrastructure, Fortitude Mining focuses on achieving strong returns by mining Bitcoin and other high-growth digital assets in emerging ecosystems with attractive return profiles. Andrea Childs, who has more than six years of mining experience and most recently served as Senior Vice President of Operations & Marketing at Foundry, has been appointed CEO of Fortitude Mining. Mike Colyer continues as CEO of Foundry.

“We are committed to advancing the development of the cryptocurrency ecosystem and creating lasting value for our investment partners through diversified mining opportunities in emerging ecosystems while maintaining our leadership in Bitcoin mining,” said Fortitude Mining CEO Andrea Childs. “With significant cash flow and strong relationships built over five years in the industry at Foundry, Fortitude Mining is well-positioned with the necessary scale and differentiation to create a superior portfolio of mining assets.”

Launched in 2019 with Mike Colyer as CEO, Foundry is a decentralized infrastructure company providing software and services to institutions across the crypto ecosystem. The company was created to meet the institutional demand for better capital access, efficiency, and transparency in the digital asset infrastructure space. Since January 2022, it has operated the #1 Bitcoin mining pool in the world.

“Mike Colyer built a successful self-mining business as part of the broader Foundry portfolio, featuring a best-in-class mining fleet and significant revenues in 2024,” said Barry Silbert, Founder & CEO, DCG. “With this strong foundation, spinning out Fortitude Mining as the leading venture miner provides greater growth opportunities to further scale the business, including raising capital, making additional investments, and attracting top-tier talent.”

To complement its focus on high-growth assets, Fortitude Mining invested significant capital into new machines in 2024, ensuring a maintained best-in-class fleet efficiency. Looking ahead, Fortitude Mining plans to reinvest cash flows into new machine purchases and site acquisitions in 2025. These investments reflect the company’s commitment to both long-term growth and vertical integration, solidifying its position as an industry leader. In addition, Fortitude Mining has a strong bench of talent who joined from Foundry.

Foundry leverages its institutional expertise, capital, and market intelligence to empower participants within the crypto ecosystem by providing the tools they need to build tomorrow’s decentralized infrastructure. The company remains focused on its core business of operating the #1 Bitcoin mining pool in the world, which includes its enterprise software unit and site services business.

“The launch of Fortitude Mining as a standalone DCG subsidiary is a pivotal next step in allowing the business to continue to capitalize on the lucrative self-mining market,” said Foundry CEO Mike Colyer. “At Foundry, we remain committed to advancing our core business of operating the world’s leading Bitcoin mining pool, while we continue to deliver value to our stakeholders through growing our enterprise software unit and site operations business.”

To learn more about Fortitude Mining, visit FortitudeMining.com or follow @FortitudeCrypto on X.

About DCG

Founded in 2015 by Barry Silbert, DCG is a global investor, builder, and incubator committed to advancing decentralized ecosystems built on blockchain technology. As the most active investor in the space, DCG has backed over 250 early-stage technology companies across 40 countries and holds more than 70 token and digital asset investments. In addition to its investment portfolio, DCG is the parent company of subsidiaries including Grayscale, Fortitude Mining, Foundry, Luno, and Yuma. For additional information about DCG, visit www.dcg.co.

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KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BLOCKCHAIN NATURAL RESOURCES CRYPTOCURRENCY FINANCE PROFESSIONAL SERVICES TECHNOLOGY MINING/MINERALS OTHER TECHNOLOGY

SOURCE: DCG

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PUB: 01/29/2025 09:00 AM/DISC: 01/29/2025 09:01 AM

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