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Applied Digital Launched New Fund With The Goal Of Raising $100 Million

Hosting provider Applied Digital is pursuing distressed assets with a new independent fund as the market becomes more competitive for some Bitcoin mining companies.

The new fund, Highland Digital, is a partnership with GMR Limited, a customer of Applied Digital.

It will pool money from investors who will also own the mining equipment and pay a fee that will be divided between the two businesses. The hosting of those newly purchased computers may result in an increase in income for Applied Digital.

Applied Digital Chairman and CEO Wes Cummins said in a statement:

“We have proven ourselves as a leading next-generation datacenter operator and hosting partner and look forward to deepening our partnership with GMR to take advantage of the opportunities we are seeing on a weekly basis.”

Grayscale joined forces with Foundry to create an organization that will buy hardware at a discount and uses it to mine Bitcoins.

To benefit from the current challenging environment, the new fund combines the best-in-class digital infrastructure assets of Applied Digital with the extensive management expertise of GMR in mining hardware through cryptocurrency market cycles.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.