The cloud service provider and Ethereum miner will use the funding to expand its cloud offerings.

ethereum

(Akos Stiller/Bloomberg via Getty Images)

CoreWeave, the specialized cloud service provider and Ethereum miner, has raised $50 million from Magnetar Capital to provide high-performance computing infrastructure.

“With this new round of growth financing, CoreWeave will expand its offering to make high performance computing available at the industry’s best performance-adjusted cost on a vastly broader scale,” CoreWeave CEO Michael Intrator said in a statement on Wednesday.

The company said its cloud business grew 271% over the last 3 months and expects its total revenue to triple in 2021.

CoreWeave, which primarily provides cloud services, applies computing power unused by its cloud clients to mine Ether. In total, the company operates over 1,200 GH of ETHash [Ethereum’s mining algorithm] equivalent hashrate, making it one of the largest Ethereum miners in North America, according to an emailed statement to CoinDesk.

Galaxy Digital, a leading diversified financial services and investment management company in the digital asset space, served as exclusive financial advisor and sole placement agent for CoreWeave’s financing round.

Magneter was founded by Alec Litowitz, the former principal and global head of equities at hedge fund Citadel Investment Group, along with Ross Laser, former president and managing partner at another hedge fund, Glenwood Capital. The company had $13.8 billion in assets under management as of June 30, according to its website.

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