BCause Gets $25M Series B Funding From ASGARD For Crypto Ecosystem
BCause LLC has made an official announcement about their partnership with ASGARD Partners & Co. to help raise a capital of $25 million in equity for their Series B funding. The deal will make ASGARD their exclusive Capital Market Advisors.
Notably, for their Series A equity round, SBI Holdings had agreed to acquire a 40% holding in BCause LLC and to provide significant amounts of crypto-currency mining gear to be co-located at Bcause’s mining operations in Virginia Beach, Virginia. Following the launch of its cryptocurrency mining facility in February, BCause is in the process of establishing a spot market and, pending regulatory approval, a derivatives exchange and clearinghouse.
BCause has shown interest in launching its spot market this summer. They have already submitted a filing with the US Commodity Futures Trading Commission to become a designated Contract Market (DCM). Additionally, they are also finalizing submission to become a derivatives clearing organization (DCO).
Regarding this new development, the CEO of BCause said:
“We're extremely pleased with our progress to date and the talented team we've been assembling. Demand for our mining services has been beyond expectations. This Series B round will help bring us to the next level in executing on our ambitious plans. It's a pleasure to partner with ASGARD*, which already has a deep understanding of, and enthusiasm for, our business model.”
ASGARD Partners & Co. is a next-generation financial firm combining private equity investments and capital markets advisory into one platform to better and more effectively serve portfolio companies, clients, and investors. ASGARD believes business is a powerful platform that can change the world for the better and is committed to serving entrepreneurs, companies and investors that share this belief. The partners at ASGARD have collectively arranged and advised on more than $65 billion in transactions and have proven expertise across a wide spectrum of advisory services. ASGARD brings multi-functional capabilities to its clients and enables them to navigate their capital and growth decisions effectively.