Bitcoin miner Genesis Digital Assets eyes IPO in US: report

Alameda-backed crypto miner Genesis Digital Assets is reportedly in discussions with advisors about launching a pre-IPO funding round within the coming weeks.

Genesis Digital Assets (GDA), a Bitcoin mining firm headquartered in Texas, is considering an initial public offering (IPO) in the U.S., despite significant investment from the now-disgraced hedge fund Alameda Research, founded by Sam Bankman-Fried.

According to a Bloomberg report, the company is actively engaging with advisors to expedite its IPO plans, targeting a pre-IPO funding round as soon as in the “coming weeks.” It remains unclear if GDA intends to complete the IPO by the end of 2024, as discussions are still in progress.

Founded in 2013, Genesis Digital Assets has raised over $1.61 billion in total, with $1 billion from Alameda Research in April 2022, which increased the firm’s valuation to approximately $5.5 billion. GDA operates with a power capacity exceeding 500 megawatts 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 customer 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 reimburse $11 billion.