Bitcoin
Bitcoin Miner Genesis Digital Assets Eyes US IPO: Report
Alameda-backed cryptocurrency miner Genesis Digital Assets is reportedly in discussions with advisers about launching a pre-IPO funding round in the coming weeks.
Genesis Digital Assets (GDA), a Bitcoin Texas-based mining company is considering an initial public offering (IPO) in the US despite significant investment from now-discredited hedge fund Alameda Searchfounded by Sam Bankman-Fried.
According to Bloomberg reportThe company is actively engaging with advisors to expedite its IPO plans, targeting a pre-IPO funding round as early as “the coming weeks.” It is not yet clear whether GDA intends to complete the IPO by the end of 2024, as discussions are still ongoing.
Founded in 2013, Genesis Digital Assets has raised over $1.61 billion in total, with $1 billion from Alameda Research in April 2022, increasing the company’s valuation to approximately $5.5 billion. GDA operates over 500 megawatts of power capacity across 20 data centers located in North America, Europe, Central Asia, and South America.
FTX and its affiliated entities — including Alameda Research — collapsed in November 2022 amid allegations of embezzlement and misappropriation of billions of dollars in client funds involving its owners and the hedge fund. Sam Bankman-Fried, the founder of the exchange, was sentenced to 25 years in prison and ordered to repay US$11 billion.