Deal Overview: NYDIG Acquires Crusoe’s Bitcoin Mining Operations
On July 2, 2026, NYDIG announced its plan to acquire Crusoe's bitcoin mining operation, including its Digital Flare Mitigation (DFM) business. The transaction is subject to regulatory approvals, customary consents, and final closing. Approximately 135 Crusoe employees will join NYDIG and continue operating the business under its ownership. No job eliminations are expected. Financial terms were not disclosed.
“Our partnership with Crusoe was founded on a shared cultural alignment and mutual commitment to driving advancements at the intersection of power and compute,” said NYDIG CEO Tejas Shah. “Crusoe has built an extraordinary bitcoin mining business by demonstrating remarkable innovation—bringing together the industry’s top talent to solve complex challenges and unlock untapped energy sources. We’re incredibly excited to integrate this world-class team and their capabilities into our growing business.”
Crusoe’s Innovative Technology: Converting Waste Gas into Clean Compute
Founded in 2018, Crusoe developed DFM technology to convert natural gas from oil fields—otherwise burned off as flares—into electricity for modular data centers. The company initially used these data centers for bitcoin mining before expanding into AI workloads powered by GPU clusters. Crusoe’s approach to colocating computing with energy production reduces environmental impact while utilizing stranded energy sources.
Crusoe’s bitcoin mining operations have deployed over 425 modular data centers, accounting for more than 250 megawatts of power across multiple states in the U.S. (Colorado, North Dakota, Montana, Wyoming, New Mexico, Utah, Texas) and Argentina. According to the company, its DFM technology has mitigated 2.7 million metric tons of greenhouse gas emissions and prevented nearly 22 billion cubic feet of natural gas from being flared.
Industry Commentary and Deal Rationale
“The proof-of-work consensus mechanism in the bitcoin blockchain algorithmically incentivizes the convergence of energy and computing,” said Crusoe co-founder and CEO Chase Lochmiller. “Crusoe is proud to have been a pioneer in repurposing otherwise wasted energy resources such as gas flaring to power the bitcoin network. Our innovative approach to energy utilized for mining is uniquely complementary to NYDIG’s bitcoin custody, institutional trading, and mining businesses, creating a consolidated business that is more valuable than the sum of its parts.”
Post-Deal Outlook: Crusoe Shifts to AI, NYDIG Strengthens Crypto Footprint
Following the deal, Crusoe will shift its focus toward scaling AI infrastructure, building AI-optimized data centers, and expanding its Crusoe Cloud product offerings while continuing to develop energy solutions for its computing operations. For NYDIG, the acquisition strengthens its position in the crypto finance ecosystem, integrating mining, custody, trading, and energy-savvy talent under one roof.