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March 26, 2025
NYDIG, a leading bitcoin and power firm, has announced it has entered into a definitive agreement to acquire Crusoe’s Bitcoin mining operations. As part of the transaction, NYDIG will acquire over 270MW of power generation technology that drives the production of near-zero direct cost of electricity, expanding NYDIG’s already significant role in supporting bitcoin’s proof-of-work security.
NYDIG will integrate and expand the world-class team that pioneered Crusoe’s bitcoin mining business, supporting NYDIG’s mission of advancing the modern global economy through innovation at the intersection of power, compute, and sound money. The two firms will maintain an ongoing strategic partnership that leverages each firm’s unique capabilities in the HPC industry, with Crusoe contributing its expertise in AI data center development and NYDIG providing its specialized securitization and financing capabilities.
Since its founding in 2017, NYDIG has been at the forefront of innovation with a proven track record of breakthrough product development, including closing an industry-first Investment Grade (IG) credit-rated facility invested solely in a pool of bitcoin-collateralized fiat loans (“HODL loans”) last month. NYDIG combines technology expertise with operational, risk management, and financial markets excellence in two industry-leading, vertically-integrated franchises: Power & Bitcoin Mining and Bitcoin Financial Infrastructure.
As an affiliate of Stone Ridge Holdings Group, NYDIG benefits from significant synergies across a wide variety of products and services. The industry-leading Stone Ridge Energy (SRE) franchise owns and controls over 10GW of U.S. natural gas production, providing a complementary source of power to drive the evolution of bitcoin mining, and reducing energy input cost through the consumption of stranded energy available throughout the life cycle of a natural gas well.
This full-scale Stone Ridge ecosystem makes Crusoe’s Digital Flare Mitigation (DFM) technology a natural fit for NYDIG. DFM captures natural gas that would have otherwise been burned off or “flared” and converts it into electricity to power advanced, modular data centers co-located onsite. Crusoe’s Bitcoin mining operation, growing rapidly, includes more than 20 sites across 7 states and a joint venture in Argentina. NYDIG will operate and expand the business inside its existing Power & Bitcoin Mining division.
“With fiat currencies collapsing against bitcoin around the world—and since I founded NYDIG even the U.S. dollar down 97% for Americans and American firms not yet saving in bitcoin—it is critically important to keep the bitcoin network secure, and at the lowest possible cost,” said Ross Stevens, Founder & Executive Chairman of NYDIG. “At the same time, natural gas is a powerful weapon in the fight against global energy poverty and, across Stone Ridge, we chose to be leaders in this battle. In the years to come, NYDIG will invest in and expand the footprint of DFM and bitcoin—separately and in combination—across the country and around the world, doing our part to advance human flourishing.”
“The proof-of-work consensus mechanism in the bitcoin blockchain algorithmically incentivizes the convergence of energy and computing. Crusoe is proud to have been a pioneer in repurposing otherwise wasted energy resources such as gas flaring to power the bitcoin network. Our innovative approach to energy utilized for mining is uniquely complementary to NYDIG’s bitcoin custody, institutional trading and mining businesses, creating a consolidated business that is more valuable than the sum of its parts,” Chase Lochmiller, CEO and co-founder of Crusoe said. “We will continue to channel the same energy-first mentality towards scaling AI infrastructure and accelerating the adoption and proliferation of AI in our everyday lives.”
“Our partnership with Crusoe was founded on a shared cultural alignment and mutual commitment to driving advancements at the intersection of power and compute,” said Tejas Shah, CEO of NYDIG. “Crusoe has built an extraordinary bitcoin mining business by demonstrating remarkable innovation—bringing together the industry’s top talent to solve complex challenges and unlock untapped energy sources. We’re incredibly excited to integrate this world-class team and their capabilities into our growing business.”
The final closing of the transaction is subject to regulator approvals and customary consents.