The rise of Bitcoin mining companies going public and institutional investors showing interest in the industry have created a demand for investment bankers who can help these companies raise capital and navigate mergers and acquisitions. While some of the largest investment banks in the world have entered the Bitcoin mining space, boutique investment banks have shown an advantage due to their agility and early entry into the industry. These banks have developed expertise and networks in the technical, economic, and regulatory aspects of Bitcoin mining, making them the go-to deal makers for the industry.
Bitcoin miners value bankers who understand their industry, as they can help craft a narrative to investors for an often misunderstood industry. These investment bankers have made a significant impact on the industry, from strong M&A execution to relentless capital raising. When a Bitcoin mining company has a potential transaction to make, they usually turn to one of the following bankers:
- Adam Sullivan | XMS Adam Sullivan is the Managing Director at XMS Capital Partners, leading the digital investment section of their business. He has a Financial Economics degree from the University of Rochester and brings a level of public/private sector buy-side experience that has enabled him to bring many of the largest Bitcoin mining deals to market. Sullivan is one of the key deal makers for M&A in the Bitcoin mining space, and his top deals include Core Scientific’s $300 million go-public deal via XPDI Spac, Riot’s purchase of Whinstone Mining for $651 million in value, and Argo’s purchase of Helios Texas hosting assets.
- Christian Lopez | Cohen & Company Christian Lopez is the Head of Blockchain and Digital Assets at Cohen & Company Capital Markets, with an MBA from the Columbia School of Business. He has 5+ years of experience advising Fintech companies on merger and acquisitions, and he brings a depth of knowledge advising Fintech clients on strategic transactions, including new capital raises. Lopez has been part of some of the largest public offerings in Bitcoin mining, and his top deals include Cipher mining’s $425 million go-public SPAC deal and Primeblock’s $1.25 billion go-public SPAC deal.
- Ruben Sahakyan | Stifel GMP Ruben Sahakyan is a Director of Investment Banking at Stifel Financial Corp, and he has been the go-to banker for Canadian Bitcoin miners raising capital and advising on a number of strategic transactions. He is a CFA Chartholder and holds an Honors Bachelor of Commerce degree from the University of Toronto. Sahakyan’s top deals include Argo Blockchain’s sale of Helios site to Galaxy Digital, Hut 8 Mining’s acquisition of TeraGo for $30 million, Argo Blockchain’s IPO $112 million, and Voyager Digital’s private placement $146 million gross proceeds.
- Joe Nardini | B. Riley Securities Joe Nardini is the Senior Managing Director at B. Riley Securities, bringing over 20 years of investment banking experience. As Head of Cryptocurrency Investment Banking, he advises Fintech growth companies on potential strategic or go-public opportunities. Nardini and his team have been at the top of the charts for helping American Bitcoin mining companies raise capital, and his top deals include Greenidge’s buy-side advisor merger with Support.com to go-public valued at $2.1 billion, Greenidge Generation’s $55.2 million 8.50% Senior unsecured debt note raise, Core Scientific’s $75 million debt offering, and Argo Blockchain’s $40 million 8.75% senior unsecured notes.
- Craig Schwabe | H.C. Wainwright Craig Schwabe is a Managing Director at H.C. Wainwright, who he has been helping lead into blockchain and Bitcoin