CoinDesk has published an investigation detailing how Bidzina Ivanishvili, widely viewed in Georgia as a behind-the-scenes power broker, is attempting to gain control of Bitcoin holdings worth about $1B.
Ten years ago, Ivanishvili declined to participate in early Bitcoin mining – an opportunity now estimated at $21B. After that deal fell through, he reportedly turned to aggressive tactics to access cryptocurrency he believes is rightfully his.
Origins of the Conflict
In 2014, Bitfury launched a data center in Georgia and invited investors to rent computing power for BTC mining. According to CoinDesk sources, Ivanishvili was offered to invest $50M in capacity and keep all mined Bitcoin but showed no interest. At the time, Bitfury held large BTC reserves but lacked fiat liquidity, while Bitcoin remained a niche asset: in 2015, its average price was about $272 versus roughly $115,000 today.
How George Bachiashvili Entered the Story
After Ivanishvili declined, George Bachiashvili – a young financier and early blockchain supporter – joined the project. He took a high-interest loan from a Georgian bank owned by Ivanishvili to fund personal mining operations with Bitfury. According to the sources, Bachiashvili secured a $6.3M deal and mined 24,000 BTC within a year. He repaid the loan in full, plus $600,000 in interest.
Shift Toward Coercion
In spring 2025, Ivanishvili accused his former adviser of stealing Bitcoin, claiming the loan entitled him to a share of the mined coins. Bachiashvili, living abroad, was detained in Abu Dhabi and extradited to Tbilisi, where he was sentenced to 11 years on charges of theft and money laundering.
While in prison, Bachiashvili reported being tortured. Ivanishvili, through his lawyer, denied involvement in any abduction, detention, or violence.
Before the trial, Bachiashvili’s attorney, David Jandieri, received a WhatsApp “settlement” offer: Ivanishvili would accept 60% of the disputed BTC, with the “debt” increasing 5% for each month of noncompliance. After sentencing, the offer expired – the demand rose to 100% of the contested Bitcoin.
The defense called the message extortion and refused. Soon after, Jandieri faced a smear campaign and threats of prosecution, was summoned for questioning, and ultimately fled the country, losing contact with his client.
The events triggered a wave of resignations. The head of Georgia’s State Security Service, who personally oversaw Bachiashvili’s extradition from Abu Dhabi, resigned shortly afterward without explanation. The prison warden accused of pressuring Bachiashvili to transfer Bitcoin to Ivanishvili was later found dead from a gunshot wound; authorities called it a probable suicide.
What’s at Stake
Analysts estimated that if Ivanishvili had invested $50M in 2015 under terms similar to the $6.3M deal, his potential share could have reached about 190,000 BTC. At current prices, that equals roughly $21B – more than his publicly known assets. CoinDesk also reported that global business publications recently cut Ivanishvili’s net worth by $2–3B, removing him from several billionaire rankings.
What Is Known Now
Ivanishvili continues to claim ownership of the disputed Bitcoin and is pursuing it through available channels. Bachiashvili’s defense insists the mining was funded privately, the loan with interest was repaid, and Ivanishvili’s claims emerged later, accompanied by intimidation.
The case remains unresolved. Ivanishvili’s pursuit of access to the crypto wallets continues – a saga that, according to CoinDesk’s investigation, may represent one of the biggest missed opportunities in Bitcoin’s history.
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