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Bitfury Is No Longer The Owner Of Tbilisi FIZ

24.03.23 18:00

"Georgia Technology Park" LLC, owner of "Tbilisi Free Zone", located on 17 hectares near Gldani in Tbilisi, was sold. Tbilisi FIZ was founded on October 26, 2015 and its main activity was to offer commercial space to technology companies. FIZ was founded by Cayman and Netherlands-registered technology company Bitfury, which owns a 60 megawatt cryptocurrency data center on site.

On March 23, 2023, relevant change was registered in the Business Register, Bitfury Holding B.V. was replaced by "Zoti Holding" LLC. The director of the company was also changed, in February Giorgi Tabidze was replaced by Ioseb Nibladze, who at the same time is the director of Hualing Kutaisi FIZ.

"Zoti Holding" itself was founded in August 2022. The list of its owners is distributed as follows:

● Ioseb Nibladze - 38%;
● Irakli Rekhviashvili - 36%;
● Varlam Rekhviashvili - 14%;
● Miratek LLC, Hungary - 6%;
● Gil Feiler, Germany - 6%.

As for the FIZ, it unites 28 plots.

The volume of the transaction is unknown.

According to ESCO data, cryptocurrency mining activity in Georgia has decreased significantly during 2023. One of the largest users of FIZ, "BFDC Georgia" or Bitfury, reduced electricity consumption by 99.6% this year.
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