Cloud computing firm Crusoe was in crypto. Now it's pivoting to AI

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The Block2025/04/03 16:00

By:By Tim Copeland

Quick Take Cloud computing company Crusoe sold its crypto operations to NYDIG, executing a switch from crypto to AI.

Cloud computing firm Crusoe was in crypto. Now it's pivoting to AI image 0

It was angel investor Jason Calacanis who said in 2023, "if you're in crypto pivot to AI." Well, cloud computing company Crusoe has done exactly that.

The company sold its Bitcoin mining operations to NYDIG, or New York Digital Investment Group, subject to regulatory approval, according to a press release . The deal means that around 135 employees will move from Crusoe to NYDIG, where they will continue its practices of using waste energy to mine Bitcoin.

Crusoe says it has mitigated 2.7 million metric tons of greenhouse gas emissions over the last seven years through this approach — across its 425 modular data centers spread over seven states and two countries.

Without its Bitcoin-related operations, the company is now focusing solely on AI. "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," said Crusoe CEO and Co-Founder Chase Lochmiller.

Crusoe will focus on growing its AI infrastructure solutions going ahead, a plan that includes building AI-optimized data centers.

NYDIG provides bitcoin-related services, particularly to institutional clients. It operates as a subsidiary of Stone Ridge Holdings Group, an alternative asset manager. It offers a range of services, including bitcoin custody, trading, and investment products.

The firm has secured significant funding from notable investors such as Morgan Stanley, New York Life, MassMutual, and others, enabling it to expand its capabilities and workforce. NYDIG has also made strategic acquisitions, including the British bitcoin outfit Bottlepay, to enhance its service offerings.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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