Reports suggest that Genesis Digital Assets, a Bitcoin (BTC) mining firm backed by Sam Bankman-Fried of FTX, is contemplating an initial public offering (IPO) in the United States.
According to a recent Bloomberg report, sources familiar with the matter reveal that Genesis Digital Assets, supported by Alameda Research, is currently in discussions with advisors regarding a potential listing.
Alameda Research, previously the investment arm of the now-defunct crypto exchange FTX, has been instrumental in the growth of Genesis Digital Assets.
Insiders have disclosed that the firm is gearing up for a pre-IPO funding round in the near future.
Established in 2014, Genesis Digital Assets initially operated on a large scale in China until the country’s ban on the industry in 2021. Following this, the company secured $550 million in funding and relocated to the US.
During 2021 and 2022, Alameda Research injected over $1 billion into Genesis Digital Assets. However, with the collapse of the FTX empire and the legal troubles faced by Bankman-Fried, the industry experienced significant price declines.
An internal company memo revealed that in April 2022, Genesis Digital Assets was valued at $5.5 billion. Nonetheless, the collapse of FTX in November 2022 led to widespread price decreases in the digital assets market.
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