Itau Ventures invests in Minter, supporting the construction of a data center for Bitcoin mining operations in Brazil

According to Brazilian local media outlet PipeLine, on April 22, the venture capital arm of one of Brazil’s largest banks, Itau Unibanco—Itau Ventures—has invested in mobile data center and bitcoin mining company Minter. The amount was not officially disclosed; the report said it could be as high as $10 million, to build bitcoin mining infrastructure in Brazil and the United States.

Investment Details and Minter’s Business Model

According to media reports, Itau Ventures’ investment size is up to $10 million. Minter’s technical solution combines fixed hardware with mobile containers, allowing bitcoin mining equipment to be deployed directly at sites where electricity is generated from renewable energy, using and absorbing excess power that cannot be transmitted to the power grid.

In a statement, Minter CEO and founder Stefano Sergole said, “Itau’s endorsement helps encourage energy producers to feel comfortable accepting this fact: building flexible data centers within the premises can become a portfolio strategy.” Sergole also said that, as of the time the statement was issued, Minter currently serves one customer.

Market Background: Stranded Power Data in Brazil and the U.S.

According to media reports, Brazil cut 20% of its solar and wind power generation in 2025, resulting in losses of about $1.2 billion. Based on an estimate by energy data firm Amperon, in 2024, the amount of stranded power in the United States reached 20 million kilowatt-hours (kWh). Amperon said this phenomenon is “surging.”

Minter Expansion Plan

According to Sergole’s public statement, with support from Itau Ventures, Minter plans to expand its business in Brazil and the United States, aiming to increase operating capacity to 40 megawatts (MW) by the end of this year, and to reach a combined installed capacity of 500 MW in both countries by 2029. In the statement, Sergole said, “For our flexible operating model, entering the bitcoin mining space is more profitable.”

Frequently Asked Questions

How much did Itau Ventures invest in Minter?

According to media reports, Itau Ventures’ investment amount was not officially disclosed; the report said the scale could be up to $10 million, with the funds to be used to build bitcoin mining facilities in mobile data centers.

How does Minter’s mobile data center business model work?

According to Minter’s description, the company uses mobile containers to deploy bitcoin mining equipment at renewable energy generation sites, directly utilizing residual power that would otherwise be stranded, without relying on a fixed grid connection.

What are Minter’s capacity expansion targets?

According to Minter CEO Stefano Sergole’s public statement, the company plans to reach operating capacity of 40 MW by the end of this year, and to increase the combined installed capacity in Brazil and the United States to 500 MW by 2029.