Report Genesis Digital Assets aims for IPO in US as a Bitcoin miner
Genesis Digital Assets, a cryptocurrency mining company supported by Alameda Research, is reportedly exploring the possibility of going public through an initial public offering (IPO) in the United States. Despite the recent scandal involving Alameda Research and its founder, Sam Bankman-Fried, Genesis Digital Assets is actively working with advisors to accelerate its IPO plans. The company is aiming to conduct a pre-IPO funding round in the near future, although it is still uncertain whether the IPO will be completed by the end of 2024.
Since its establishment in 2013, Genesis Digital Assets has raised a total of $1.61 billion, including a $1 billion investment from Alameda Research in April 2022. This investment boosted the company’s valuation to approximately $5.5 billion. With more than 500 megawatts of power capacity, Genesis Digital Assets operates across 20 data centers in North America, Europe, Central Asia, and South America.
Alameda Research and its affiliated entities, including FTX, faced a collapse in November 2022 due to allegations of embezzlement and misappropriation of billions of dollars in customer funds. Consequently, Sam Bankman-Fried, the founder of the exchange, was sentenced to 25 years in prison and ordered to repay $11 billion.
In other news, cryptocurrency exchange Kraken is reportedly planning to raise $100 million in a pre-IPO funding round.
