Compute North - flying high just months ago - now part of crypto bankruptcy wave
November 28, 2022
In February, now-bankrupt Compute North looked to be on a fast track to an initial public offering.
The Eden Prairie-based company, co-founded by local tech entrepreneur Dave Perrill, had just raised $385 million to build state-of-the-art data centers for cryptocurrency miners. Bitcoin was booming. And the Super Bowl was rife with crypto ads.
Within months, bitcoin's price collapsed and a parade of crypto companies - including Compute North - went bust. As crypto cratered, Compute North's main lender pulled back and the company's ambitious growth plans unraveled, bankruptcy court records indicate.