Robinhood Ventures Fund I (RVI), a closed-end fund managed by Robinhood, has committed approximately $25 million to Crusoe, a company that previously specialized in Bitcoin mining but now focuses on powering artificial intelligence (AI) data centers. The investment is part of Crusoe’s $3.9 billion Series F funding round, which closed on August 31 and values the company post-money at $30.9 billion.
Crusoe’s transition from crypto mining to AI infrastructure
Crusoe, established in 2018, became known for converting flared natural gas into electricity to power its modular data centers. Initially, these data centers supported Bitcoin mining operations. By March 2025, Crusoe had deployed over 425 modular data centers across seven states in the US and in Argentina. However, the company eventually sold its Bitcoin mining operations and Digital Flare Mitigation subsidiary to NYDIG, shifting its focus toward building energy-efficient infrastructure for AI workloads.
Recent reports from Crusoe indicate that its current strategy revolves around leveraging new energy sources to run AI data centers. The company claims total contracted value exceeding $140 billion, with 6 GW in gross contracted capacity and 1 GW already active.
Mini dictionary: Crusoe is a US-based infrastructure company focused on powering data centers for AI using alternative and renewable energy sources. The firm initially utilized excess natural gas from oil fields to power its operations before transitioning to broader AI infrastructure initiatives.
Retail access to AI and tech infrastructure
RVI launched trading on the New York Stock Exchange on March 6, aiming to bring retail investors exposure to high-growth private tech companies—now including Crusoe—without needing them to be accredited investors. Fractional share purchasing enables investments as low as $1. The fund’s portfolio features major players such as OpenAI, SpaceX, Stripe, Databricks, and Canva.
The addition of Crusoe signals a deeper move into the infrastructure layer that enables advanced AI capabilities. In April, RVI invested $75 million in OpenAI, reinforcing its commitment to supporting both the operational and infrastructure aspects of frontier technologies.
Sarah Pinto, president of RVI, emphasized Crusoe’s vertically-integrated approach and the importance of adopting new energy sources for AI data centers, describing this strategy as characteristic of advanced, innovative companies to which investors should have access.
Major backers and funding details
Crusoe’s Series F fundraising was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Major investors also include Nvidia, Founders Fund, and the Qatar Investment Authority, with Robinhood’s RVI among the notable contributors. The $30.9 billion post-money valuation reflects substantial growth potential as demand shifts from traditional crypto mining toward supporting AI technologies.
| Company | Primary Focus (2023–2025) | Current Strategic Shift |
|---|---|---|
| Crusoe | Bitcoin mining, gas flare mitigation | AI data center infrastructure |
| NYDIG | Cryptocurrency services, acquisitions | Acquired Crusoe’s mining ops |
| Robinhood (RVI) | Retail investing, private tech exposure | AI/data center investments |
AI and mining infrastructure market dynamics
The pivot to AI harnessing former crypto-mining sites reflects broader industry changes. Data from CoinShares shows that publicly traded mining companies with contracts in AI or high-performance computing (HPC) sectors trade at an average of 12.9 times forward sales, compared to 3.7 times for firms without such contracts. Despite having an AI/HPC backlog valued above $100 billion, annualized revenues currently total only $1.1 billion, highlighting the sector’s forward-looking nature.
Electricity remains a key constraint for both Bitcoin mining and AI/HPC activities. Gartner projects global data center electricity usage will grow by 26% to 565 TWh in 2026, with AI-optimized servers accounting for nearly a third. This demand underscores the shift in value from mining to AI-focused operations at existing data center sites.
Crypto investment stays resilient as AI surges
Despite the growing focus on AI, venture capital investment in crypto and blockchain has not diminished. Galaxy Research observed that $5.683 billion was invested in 384 crypto and blockchain deals in Q2, marking a 31% increase from the previous quarter and signaling sustained interest in late-stage funding rounds.
AI infrastructure and crypto now increasingly compete for the same investment dollars, electrical power, and physical sites. Crusoe’s evolution from Bitcoin mining to AI data centers illustrates how quickly market priorities and valuations can shift as new technologies reshape the value proposition of legacy infrastructure.
Robinhood chairman Vlad Tenev reflected this shift, asserting that the infrastructure powering AI is as crucial as the algorithms and models themselves.
