Genesis Digital Assets is the Latest Bitcoin Mining Company to Go for a US IPO

A Bitcoin mining firm backed by Sam Bankman-Freed, the founder of FTX, is exploring the possibility of an initial public offering (IPO) in the US.

Bloomberg reports that Genesis Digital Assets, backed by Alameda Research, is working with advisors on a potential U.S. public listing.

The company, which launched in 2014, began large-scale operations in China but moved to the U.S. after the 2021 crypto ban. During that transition, the company raised $550 million.

Between 2021 and 2022, Alameda Research invested more than $1 billion in Genesis Digital Assets before the FTX crash and subsequent Bankman-Freed legal troubles.

In April 2022, Genesis Digital Assets was valued at $5.5 billion, according to a company internal memo. However, the collapse of FTX in November 2022 led to a significant price decline across the digital asset sector, as well as the company’s valuation.

Despite the challenges, Genesis Digital Assets continues to move forward, with plans to launch a pre-funding round in the coming weeks, highlighting its resilience and commitment to growth in the crypto space.

Alexander Stefanov