Italian asset manager Azimut announced yesterday that it has invested €105 million ($113 million) in bonds from Alps Blockchain, a provider of Bitcoin mining infrastructure powered primarily by renewable energy. Azimut is an investor in digital asset bank Sygnum and has been active in tokenization efforts.
Azimut’s investment in Alps Blockchain was made through a five-year secured bond using a Luxembourg special purpose vehicle.
The startup takes its name from the Italian Alps, where it set up its first mining farm to harness hydroelectric power. The company claims that it can therefore reduce energy consumption for mining when the grid needs power, and increase usage when there is a surplus of hydroelectric power. There are currently mining farms using a very similar model in Paraguay and Ecuador, and another in Oman.
Over the past three years, the number of installed mining machines has grown from 2,500 to more than 15,000. The company’s revenue was €697,000 in 2020, rising to €17.3 million in 2022 and €43.6 million ($47 million) last year, with a positive EBITDA.
“We are pleased to strengthen our relationship with Alps Blockchain, whose goal is to make mining more sustainable, offering our clients the opportunity to participate in the growth of Italian excellence that is rapidly establishing itself around the world,” said Giorgio Meda, CEO and Global Head of Asset Management and Fintech at Azimut Group, adding that the asset manager is investing €350 million in the global sustainable energy transition from 2022 onwards.
Azimut embraces DLT
Meanwhile, Azimut has embraced multiple tokenization solutions. FundsDLT, a platform acquired by Deutsche Boerse’s Clearstream, was originally launched in collaboration with Azimut Investments. Azimut also participated in Allfunds’ blockchain initiative, as part of the launch of Allfunds’ FAST solution, which enables data sharing between fund industry participants. Additionally, it partnered with Allfunds and BNP Paribas to tokenize one unit of a fund.
