Most CEOs understand disruption in theory. George Kikvadze lived it for over a decade, building critical infrastructure for an industry that barely existed while surviving multiple near-extinction events that would have ended most companies.
Growing up in Soviet Georgia, Kikvadze witnessed his doctor parents lose their life savings overnight during the USSR’s collapse in 1991. That formative lesson about systemic risk would prove invaluable when he encountered Bitcoin at $20 in 2013. Where others saw speculative digital currency, he recognized mathematical immunity to the monetary manipulation that had devastated his family.
As Vice Chairman of Bitfury Group, Kikvadze didn’t just invest in Bitcoin—he built the mining chips, data centers, and enterprise software that institutional investors would eventually require. His new book, And Then You Win: A Startup’s Untold Story of Grit, Grind, and Glory, offers rare insights into scaling transformative technology through regulatory uncertainty and extreme market volatility.
Strategic Adaptation Under Extreme Pressure
Kikvadze’s experience offers a masterclass in corporate survival during industry upheaval. Bitfury incubated companies that became publicly-traded unicorns including Cipher Mining and Hut 8 (both NASDAQ-listed), plus AI chip pioneer Axelera and data center cooling innovator LiquidStack—representing billions in combined enterprise value.
The path required constant strategic pivots. In 2016, a catastrophic semiconductor manufacturing failure at Taiwan’s TSMC brought Bitfury to bankruptcy’s edge despite 99% yields in testing. “We went from industry leaders to almost extinct in weeks,” Kikvadze recalls. “Survival required transformation, not just persistence.”
The 2018-2019 market crash tested every assumption about sustainable business models. With Bitcoin falling from $20,000 to $3,700, Bitfury’s $10 million monthly burn rate became existential threat. The response required surgical efficiency: cutting workforce by 90% while maintaining core capabilities.
“We restructured from growth company to survival machine,” Kikvadze explains. “The hardest decisions weren’t financial—they were human. Letting go hundreds of talented people who believed in our vision while preserving the essential team that could rebuild.”
Building Institutional Bridges
What separates successful disruptors from casualties is the ability to legitimize revolutionary technology for conservative institutions. Kikvadze’s network spans from Silicon Valley venture capital to sovereign wealth funds, facilitating Bitcoin’s transition from cypherpunk experiment to institutional asset class.
He co-hosted annual blockchain summits on Richard Branson’s Necker Island, engaged with UAE royal families exploring sovereign Bitcoin strategies, and witnessed institutional skeptics like BlackRock’s Larry Fink evolve from dismissing Bitcoin to launching the world’s largest Bitcoin ETF.
“Building bridges between revolutionary technology and traditional finance requires patience and credibility,” he reflects. “The real breakthrough wasn’t price appreciation—it was watching central bankers who called Bitcoin ‘rat poison’ quietly adding it to reserves.”
Operational Excellence in Emerging Markets
The book details practical challenges CEOs face when building in undefined regulatory environments. Working with former CFTC Chairman Jim Newsome and ex-DOJ Cybercrime Chief Jason Weinstein, Bitfury helped establish industry compliance standards and law enforcement cooperation protocols.
Technical innovation required similar strategic thinking. When chip manufacturing became economically challenging, the team developed immersion cooling solutions now powering AI data centers. When mining faced environmental criticism, they pioneered renewable energy partnerships and grid stabilization services.
Leadership Through Uncertainty
And Then You Win distills these experiences into 21 principles for executives managing transformative technology initiatives. The lessons address scaling challenges specific to emerging industries: managing technical risk, surviving regulatory uncertainty, and maintaining organizational cohesion through boom-bust cycles.
“Most leadership advice assumes stable markets and predictable regulations,” Kikvadze observes. “Building disruptive technology requires different strategies—you’re simultaneously educating customers, regulators, and investors about why your innovation matters.”
Key insights include maintaining optionality through diversified revenue streams, building strategic partnerships that provide credibility during crisis periods, and developing organizational resilience that can survive multiple existential threats.
Strategic Implications for Executives
Today, as founder of Cryptic8 VC, Kikvadze applies these lessons to investments spanning decentralized finance, AI infrastructure, and longevity technology. His experience offers a blueprint for CEOs navigating disruptive technology adoption, regulatory uncertainty, and the inevitable cycles of hype and backlash that define revolutionary innovation.
For executives considering blockchain integration, AI infrastructure investments, or other transformative technologies, Kikvadze’s journey demonstrates that sustainable competitive advantage comes from building foundational capabilities rather than chasing speculative opportunities.
“Every industry will eventually face its own version of what we experienced in crypto,” he concludes. “The companies that survive and thrive will be those that build infrastructure, maintain strategic flexibility, and never confuse market noise with fundamental value creation.”
The book serves as both memoir and strategic guide for executives bold enough to bet on technologies the world isn’t ready for yet—and disciplined enough to build the organizational capabilities required to see those bets through to completion.
Written in partnership with Tom White
