The corporate chain
Bitfury is easier to describe than to locate. A Schedule 13D/A filed with the US Securities and Exchange Commission in April 2022 sets out the chain: Bitfury Top HoldCo B.V. is "a company organized under the laws of the Netherlands", Bitfury Holding B.V. is its Dutch subsidiary, both are owned by Bitfury Group Limited, whose place of organisation the same filing gives as England and Wales, and that company is majority-owned by V3 Holding Limited of the Cayman Islands, whose sole owner is named in the filing as Valerijs Vavilovs. Companies House records Bitfury Group Limited as company number 11441275, incorporated on 29 June 2018, which is the holding structure rather than the business. For the business itself the group's own boilerplate, filed with the SEC inside a 2021 press release, says: "Founded in 2011, Bitfury is the leading security and infrastructure provider for the Bitcoin Blockchain."
What it built
Bitfury designed its own mining chips and ran its own mining capacity at a point when very few Western companies did either. It also spun out businesses that outlived that phase. Cipher Mining Technologies was "established on January 7, 2021, in Delaware, by Bitfury Top Holdco B.V. and its subsidiaries", went public through a SPAC merger in August 2021, and left Bitfury holding roughly 82% of the shares. Bitfury Holding BV separately held about 19% of Hut 8 Mining Corp. on the TSX Venture Exchange in April 2021. The two-phase immersion cooling company LiquidStack and the blockchain analytics firm Crystal both began inside the group.
What it is now
The company's current description of itself has moved away from mining hardware altogether. Bitfury now calls itself "a global technology incubator", listing Cipher Mining, Hut 8, Crystal, LiquidStack and the chip designer Axelera AI in its portfolio, though its executive management page still names a Head of Bitfury Mining Solutions. Val Vavilov is listed as chief executive, co-founder and chairman. The group is private and publishes no financial statements, so its revenue, its remaining hashrate and the size of its holdings are undocumented here. Listing here is not endorsement.