Bitcoin financial services company NYDIG is in talks to buy Crusoe Energy’s bitcoin mining arm.
According to two press releases, the two companies are under negotiation for Crusoe’s 270 MW bitcoin mining portfolio of flared-gas bitcoin mines. NYDIG will subsume 135 employees related to the business line per the pending acquisition. Initial announcements did not provide a set timeline for the buyout’s completion.
With the acquisition, NYDIG is leaning further into bitcoin mining while Crusoe is leaning out of it in favor of its AI/HPC business. Crusoe’s website states that the company has deployed 450,000 GPUs for 1.35 GW of data center capacity (it’s unclear whether this includes the 250 MW figure for its bitcoin mining operations).
Most recently, Crusoe’s AI aspirations have culminated in a 1.6 GW deal with Lancium for a datacenter campus in Abilene, Texas, projected for completion in the second half of 2026, with an initial 200 MW online in Q2 2025. The datacenter is the first site constructed for the Stargate Project, a $500 infrastructure initiative led by tech titans OpenAI, Oracle, and SoftBank.
“We will continue to channel the same energy-first mentality [of our bitcoin mining operations] towards scaling AI infrastructure and accelerating the adoption and proliferation of AI in our everyday lives,” Crusoe CEO Chase Lochmiller said in a press release.
Founded in 2018, Crusoe Energy was a trailblazer for oil-and-gas bitcoin mining, and its current operations span 20 sites in Texas, Utah, New Mexico, Colorado, North Dakota, Montana, Wyoming, and Argentina.
An offshoot of Stone Ridge Holdings, NYDIG began in 2017 as a bitcoin-focused financial firm which has carved out a strong foothold in the bitcoin mining sector. NYDIG has funded many leading bitcoin mining companies and also structured bitcoin-native financial products, including its most recent bitcoin-backed loans and its now-sunsetted ASIC-backed loans. Defaults from ASIC-backed loans that NYDIG originated have substantiated a not-insignificant portion of its own bitcoin mining operations.
NYDIG may have plans for the Crusoe acquisition that extend beyond its own mining operations. The company emphasized in its press release that it “benefits from significant synergies across a wide variety of products and services,” including its parent company Stone Ridge Holding’s 10 GW portfolio of natural gas drilling sites. With Crusoe’s operations, NYDIG could be wetting its toes to deploy similar bitcoin mines across Stone Ridge Holding’s natural gas assets.
Once complete, NYDIG’s Crusoe acquisition will be the second major bitcoin mining buyout for the company in the last half year. As reported by Blockspace, NYDIG acquired Consensus Technology Group for an undisclosed sum last November.
