We are advising NYDIG on the transaction

Davis Polk is advising New York Digital Investment Group LLC (NYDIG) on its acquisition of Crusoe Energy Systems LLC’s bitcoin mining operations. As part of the transaction, NYDIG will acquire over 270MW of power generation technology that drives the production of electricity at near-zero direct cost, expanding NYDIG’s already significant role in supporting bitcoin’s proof-of-work security. The final closing of the transaction is subject to regulatory approvals and customary consents. Financial terms of the acquisition were not disclosed.

NYDIG is a leading bitcoin, power and financial services firm. The company’s expansive power infrastructure footprint supports bitcoin’s proof-of-work security and capitalizes on other productive uses of scaled low-cost energy. NYDIG pioneered bitcoin financial infrastructure through its proprietary, regulated custody and execution platform, delivering institutional-grade spot and derivatives trading, as well as structuring and financing services to a large institutional client base. NYDIG operates within Stone Ridge Holdings Group, a financial services firm focused on alternative asset management, reinsurance and bitcoin.

Crusoe is on a mission to align the future of computing with the future of the climate. Crusoe provides a reliable, scalable, cost-effective and environmentally friendly solution for artificial intelligence infrastructure by harnessing large-scale clean energy, building AI-optimized data centers and empowering builders to reach their AI potential. 

The Davis Polk corporate team includes partners Lee Hochbaum and associates Yoel Levi and Benjamin Malone. Partner Pritesh P. Shah and associates Adrian Rabin are providing intellectual property advice. Partner Ethan R. Goldman and associate Shmuel Dov Sussman are providing tax advice. Counsel J. Avelina Burbridge is providing real estate advice. Counsel David A. Zilberberg is providing environmental advice. Partner Veronica M. Wissel is providing executive compensation advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post