Given that the market cap of Bitcoin is currently around $1-$1.5 billion I think pumping $200 million into a chip designer only makes sense if you think the value of Bitcoin is truly about to skyrocket and you think Avalon will end up being top-dog in chips forever and a day. I mean, it sounds like a hell of a risk. You'd only be doing this expecting to get a 10-bagger or more, and if the price doesn't move you won't get much of a return even if you become 50% of the market (which they wouldn't even try).

Or are they moving in a different direction than mining?