Top Bitcoin Mining Investment Bankers of 2024

From AI/HPC pivots to hostile takeovers, investment bankers had their work cut out for them in 2024.

A few bankers pushed their lead of experience and reputation in the space by securing more mandates and solidifying themselves as trusted advisors in the industry. 

Here is Hashrate Index’s list for the top Bitcoin mining investment bankers in 2024.

2024 Bitcoin Mining Merger and Acquisition (M&A) Deals

In 2024, Riot attempted to take over Bitfarms while acquiring Block Mining in Kentucky. Cleanspark continued their growth through acquisitions and Bitfarms piled in with the acquisition of Stronghold. We saw strategic mergers such as Cathedra and Standard Bitcoin. 

Cohen & Co. advised the Bitfarms deal, making the firm one of the leads in Bitcoin mining M&A this year.

Details of bitcoin mining capital raises and M&A from the most active investment banks in the industry are shown below.

Investment Banks - Deal Values for Bitcoin Mining Companies

Now, let's take a look at the faces behind the deals. For the rest of the article, we recognize the leading investment bankers who help broker some of the largest deals in the Bitcoin mining industry in 2024.

1. Christian Lopez |  Cohen & Company

Christian Lopez is the head of blockchain and digital assets at Cohen & Company Capital Markets.  Christian has 6+ years experience advising fintech companies on merger and acquisitions. He brings a depth of knowledge advising fintech clients on strategic transactions including new capital raises and has been part of some of the largest public offerings in Bitcoin mining. Christian holds an MBA from the Columbia School of Business.

Deals in 2024:

• Bitfarms $175 million acquisition of Stronghold
• Blockstream $210 million financing
• Peak Mining acquisition of 300 MW data center

Historical Deals:

• Advised on Northern Data 300mMW mining site in Corpus Cristi Texas
• Advised Arkon Energy's acquisition of a 200 MW site in Ohio
• Blockstream $125 million convertible debt offering
• Cipher mining $425 million go-public SPAC deal

2. Joe Nardini | B. Riley Securities

Joe Nardini is senior managing director at B. Riley Securities. Joe brings over 20 years of investment banking experience. As the acting head of cryptocurrency investment banking at B. Riley, he advises Fintech growth companies on potential strategic or go-public opportunities. Joe and his team have been at the top of the charts for helping American Bitcoin mining companies raise capital. Joe holds an MBA from American University.

Deals in 2024:

• Bit Digital $46 million acquisition of Enovum
• Terawulf $500 million convertible debt offering
• Core Scientific $400 million convertible debt offering

Historical Deals:

• Bitdeer $150 million capital raise SPAC IPO
• Iris Energy $300 million at-the-market equity offering
• Riot Platforms $750 million at-the-market equity offering
• Core Scientific $70 million restructuring DIP financing
• Applied Digital $50 million promissory note
• Canaan $68 million at-the-market equity offering
• Greenidge buy-side advisor merger with Support.com to go-public  valued at $2.1 billion 
• Terawulf $200 million at-the-market offering 
• Greenidge 8.50% senior unsecured debt note raise for $55.2 million
• Core Scientific $75 million debt offering
• Argo Blockchain 8.75% senior unsecured note raise for $40 million

3. Ruben Sahakyan | Stifel GMP

Ruben Sahakyan is a director of investment banking at Stifel Financial Corp. Ruben has been the go-to banker for Canadian and US Bitcoin miners raising capital and has advised on a number of strategic transactions. He holds an Honours Bachelor of Commerce degree from the University of Toronto and is a CFA Chartholder.

Deals in 2024:

• Hut 8's acquisition of VPC power generation assets
• Riot Platform's $92.5 million acquisition of Block Mining Inc.
• Galaxy Digital's $402.5 million Exchangeable Senior Note

Historical Deals:

• Financial Advisor to Hut 8's $595 million merger with US Bitcoin and Validus Power asset purchase
• Riot Platforms $750 million at-the-market offering
• Hive Blockchain $100 million at-the-market offering
• Hive Blockchain amended $90 million at-the-market offering on Nasdaq
• Hive Blockchain $25 million bought deal warrant offering
• Financial Advisors to unsecured creditors in Core Scientific bankruptcy
• Argo Blockchain sale of Helios site to Galaxy Digital
• Hut 8 Mining acquisition of TeraGo for $30 million
• Argo Blockchain IPO for $112 million
• Voyager Digital private placement ($146 million gross proceeds)

4. Robert Harrington | Cantor Fitzgerald

Based in New York, NY, US, Robert is currently a Managing Director (Tech and Crypto Equities) in public and private markets at Cantor Fitzgerald. He brings experience from previous roles at Guggenheim Partners, Sapinda Invest, USA, Espalier Global Management and Jabre Capital Partners. Robert holds a Bachelor of Arts (B.A.) in PPE from Oxford University.

Deals in 2024:

• Marathon $1 billion convertible debt offering
• Cipher Mining $600 million convertible debt offering
• IREN $500 million at-the-market offering

Historical Deals:

• Cipher Mining $250 million at-the-market offering
• Riot $750 million at-the-market offering
• Terawulf $200 million at-the-market offering

5. Craig Schwabe | H.C. Wainwright

Craig Schwabe is a managing director at H.C. Wainwright, who has helped lead the firm into blockchain and Bitcoin mining for the past decade. He is another go-to for American mining companies looking to do capital raises and also has raised the most PIPE structures within the Bitcoin mining space.

Deals in 2024:

• Bitfarms $127 million at-the-market offering
• Argo Blockchain $6.5 million private placement offering
• CleanSpark $800 million at-the-market offering
• Bitfarms $375 million at-the-market offering
• Marathon $1.5 billion at-the-market offering
• CleanSpark $500 million at-the-market offering

Historical Deals:

• Marathon Digital $750 million at-the-market offering
• Bitfarms $60 million private placement offering
• Stronghold Digital Mining $15 million at-the-market offering
• Marathon Digital $14 million private placement offering
• Mawson Infrastructure follow-on offering for $5 million
• Advised Cleanspark on $33 million purchase of Mawson's Sanderville site
• Mawson Infrastructure $45 million go-public offering
• Cleanspark $500 million at-the-market equity facility
• Canaan $750 million at-the-market equity facility
• Marathon Digital US $650 million 1% convertible note debt raise

6. Robert Steinkrauss | Needham & Co.

Bobby Steinkrauss joined Needham & Company in 2019. He is the co-head of Needham’s Cryptoasset/Blockchain Investment Banking practice and a member of Needham’s Mergers & Acquisitions team. Bobby focuses on the execution of a wide range of advisory assignments for growth companies both public and private. Prior to joining Needham, Bobby held corporate development positions at Fidelity, Dell Technologies Capital and EMC. Over his career, Bobby has worked on 50+ completed transactions including mergers and acquisitions and private capital raises. He graduated from the Carroll School of Management at Boston College with a BS in Management, concentrating in Finance.

Deals in 2024:

• Core Scientific’s $460 Million Convertible Senior Notes Offering 
• Hut 8’s $500 Million At-the-Market Offering
• CleanSpark’s $650 Million Convertible Senior Notes Offering
• Bitdeer’s $400 Million Convertible Senior Notes Offering
• Bitdeer’s $577.5 Million At-the-Market Offering
• Cipher Mining’s $297 Million At-the-Market Offering

7.  Jason Partenza |  Canaccord Genuity

Jason Partenza has 20+ years of experience advising leading growth companies and their investors on capital raising and strategic transactions, and he has advised a number of Bitcoin mining companies on capital raises. Jason holds a Bachelor of Science in Finance from Georgetown University.

Deals in 2024:

• IREN $400 million convertible debt offering
• Core Scientific $550 million convertible debt offering
• Galaxy Digital $350 million convertible senior debt offering

Historical Deals:

• Hive Blockchain $25 million bought deal warrant offering
• Co-agent for Cipher mining's $250 million at-the-market offering
• Hut 8 $100 million at-the-market offering
• Hive Blockchain $90 million at-the-market offering
• Iris Energy IPO funding deal worth $232 million

Other Notable Transactions

Below is a list of major Bitcoin mining M&A and Capital Raise transactions throughout 2024:

Honorable Mentions

Finally, we'd also like to recognize the research analysts that have provided exemplary financial coverage of the Bitcoin mining industry this year. In no particular order, the table below showcases the top Bitcoin mining analysts for investment firms.