Bitfury Group has issued a statement denying what it describes as inaccurate and misleading reports about the company’s operations, ownership and activities, including allegations linking it to money laundering, sanctions evasion and the financing of Russia’s war against Ukraine. The company says it has fully wound down its mining operations in Georgia, where it operated data centres in Gori and Tbilisi, and rejects claims that Georgian businessman Bidzina Ivanishvili has any ownership interest in or control over Bitfury Group.
"Bitfury Group issues this statement to address recent inaccurate reporting concerning the Company’s operations, ownership, and activities.
Bitfury Group was founded in 2011 as a Bitcoin mining company. Over the past fifteen years, it has established itself as one of the world’s pioneering technology companies of the blockchain era, incubating and spinning out a portfolio of successful businesses including NASDAQ-listed Cipher Digital (CIFR) and Hut8 (HUT), both of which have since transformed from cryptocurrency mining companies into major AI and high-performance computing data centre infrastructure providers, as well as LiquidStack (advanced liquid cooling solutions for AI and high-performance computing data centres), Axelera AI (a leading European developer of purpose-built hardware and software platforms for AI inference at the edge), and Crystal Intelligence (blockchain analytics and intelligence for crypto-compliance, AML, and financial crime investigation). Bitfury Group was also among the founding members of the Blockchain Alliance, a public-private partnership with law enforcement agencies to combat criminal use of blockchain technology, and founded the Global Blockchain Business Council (GBBC). In November 2025, Bitfury Group announced its full transition to an investment firm with the launch of a $1 billion initiative to support the next generation of technology ventures.
Bitfury Group has a well-documented history of operations in Georgia. The Company opened its first data centre in Gori, Georgia in July 2014. A second facility was subsequently established in the Gldani district of Tbilisi in December 2015. During this period, Bitfury Group developed state-of-the-art data centre infrastructure, conducted testing of new technologies in the mining field, and created local high-skilled employment.
As part of its broader strategic shift away from Bitcoin mining and toward technology incubation and investment, Bitfury Group progressively wound down its Georgian mining operations. In August 2022, the Gori data centre was sold. In September 2022, the last mining equipment at the Gldani facility was decommissioned, and no electricity has been consumed for mining purposes since that date, which can be seen and verified through reports published by the Georgian Electricity Market Operator (ESCO). Lastly, in March 2023, Bitfury Group sold the Georgian Technology Park (Tbilisi Free Zone) in its entirety.
Since completing the sale of the Tbilisi Free Zone, Bitfury Group has been finalising its residual administrative presence in Georgia, disposing of remaining assets, closing dormant subsidiaries, and completing outstanding obligations. This wind-down process is now substantially complete.
Bitfury Group has always been committed to operating with full transparency and in compliance with applicable laws and regulations. Bitfury Group Limited is the ultimate holding company of Bitfury Group. It is headquartered in the United Kingdom and registered with Companies House. The Company’s corporate and ownership information has been continuously and publicly available.
Val Vavilov (Valerijs Vavilovs), Co-founder of Bitfury Group, has been registered as the Company’s ultimate beneficial owner and person with significant control since incorporation. This information is publicly visible on the UK Companies House register. Since 2018, Bitfury Group has published annual audited financial statements with UK Companies House, covering all group companies including its Georgian subsidiaries. Each year, the Company files a Confirmation Statement disclosing all shareholders and their respective shareholdings.
All key corporate information in Georgia and the United Kingdom has been publicly available at all material times. Claims that Bitfury Group’s ownership is not publicly known are false. Equally, claims that Bidzina Ivanishvili owns or controls Bitfury Group are false. Mr Ivanishvili has no ownership interest in, control over, or affiliation of any kind with Bitfury Group or any of its group companies.
Bitfury Group categorically denies allegations that it is involved in money laundering, sanctions evasion, or financing of Russia’s war against Ukraine.
Bitfury Group notes that at no point prior to the publication or broadcast of these allegations was Bitfury Group contacted by any journalist or media organisation to verify the facts, seek comment, or provide a right of reply.
In light of the foregoing, Bitfury Group is monitoring all false and/or misleading publications and broadcasts, and it reserves the right to pursue all available legal remedies, including but not limited to claims for defamation and injunctive relief, in any relevant jurisdiction, as it considers necessary to protect its reputation and the interests of its stakeholders,"- reads the company statement.
