Alameda-backed mining firm Genesis Digital Assets considers US IPO: report

A Bitcoin (BTC) mining company backed by disgraced FTX founder Sam Bankman-Fried is reportedly considering an initial public offering (IPO) in the United States.

According to a new report from Bloomberg, unnamed sources familiar with the matter say that Genesis Digital Assets, which is backed by Alameda Research, is currently working with advisors on a possible listing.

Alameda Research was formerly the investment arm of the defunct crypto exchange FTX.

One of the sources revealed that the company plans to launch a pre-IPO funding round in the coming weeks.

Genesis Digital Assets, which had its roots in 2014, eventually launched full-scale operations in China before the country banned the entire sector in 2021. The company then raised $550 million and set up shop in the United States, according to the report.

Between 2021 and 2022, Alameda Research invested more than $1 billion in Genesis Digital Assets, before the FTX empire collapsed and Bankman-Fried was charged and convicted of defrauding investors and mismanaging billions of dollars in client funds.

As of April 2022, Genesis Digital Assets was valued at $5.5 billion, according to an internal company memo seen by Bloomberg News. However, when FTX collapsed in November 2022, the digital asset sector saw sharp price declines across the board.

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