Investors Love Sustainable Mining

This week twenty-seven crypto companies raised capital totaling $1.46 billion, more than half of which went to two miners, Crusoe Energy Systems and Bit Digital. Web3 came in second, bringing in over $226 million, followed by CeFi ($137 million), NFTs ($129 million), Infrastructure ($92 million), and DeFi ($20 million).

Additionally, four funds launched this week after raising a combined $610 million. Framework Ventures’ newest fund was the standout, raising $400 million for web3 gaming and DeFi investments.

Deal of The Week

Crusoe Energy Systems, a flared natural gas mining platform, raised a $350 million Series C round in addition to a $155 million credit facility. The Series C offering was led by G2 Venture Partners, a climate-focused venture capital firm with additional participation from Valor Equity Partners, Polychain Capital, Bain Capital Ventures, Winklevoss Capital, and Castle Island Ventures.

Why it’s important: Crusoe’s platform allows oil drilling operations to easily convert natural gas that’s normally “flared” or wasted into electricity to power crypto mining. The use of otherwise wasted energy for mining should go a long way to change the perception that Bitcoin and crypto broadly are net negatives for the environment. The company plans to use the proceeds...