Genesis Digital Assets, a Bitcoin mining firm once backed by disgraced FTX founder Sam Bankman-Fried, is reportedly exploring an initial public offering (IPO) in the United States.
Alameda Research’s Investment
Genesis Digital Assets received significant investment from Alameda Research, the former investment arm of FTX. Between 2021 and 2022, Alameda poured over $1 billion into the mining firm.
Expansion and Challenges
Founded in 2014, Genesis Digital Assets initially operated in China but relocated to the US after the country’s crypto ban in 2021. The company has since raised $550 million.
FTX Collapse and Impact
Following the collapse of FTX in November 2022, the digital assets industry experienced a sharp decline in prices. This impacted Genesis Digital Assets’ valuation, which stood at $5.5 billion in April 2022.
Pre-IPO Funding Round
Sources familiar with the matter indicate that Genesis Digital Assets is preparing for a pre-IPO funding round in the coming weeks. The company is working with advisors on the potential listing.
