Genesis Digital Assets, a cryptocurrency mining company supported by Alameda, is reportedly in talks with advisors regarding the possibility of commencing a funding round prior to an initial public offering (IPO) in the near future.
Headquartered in Texas, Genesis Digital Assets (GDA) is contemplating a potential IPO in the United States, despite being heavily backed by the now-disgraced hedge fund Alameda Research, established by Sam Bankman-Fried. As per a report from Bloomberg, the firm is actively consulting with advisors to accelerate its IPO preparations, intending to conduct a pre-IPO funding round within the upcoming weeks. The timeline for finalizing the IPO, possibly by the end of 2024, remains uncertain as discussions are still ongoing.
In a separate development, Europe’s largest Bitcoin miner, Northern Data, is reportedly considering an IPO in 2025, as per a recent report.
Genesis Digital Assets, established in 2013, has amassed a total of over $1.61 billion in funding, including a $1 billion investment from Alameda Research in April 2022, resulting in a valuation of around $5.5 billion for the company. GDA operates at a power capacity exceeding 500 megawatts spread across 20 data centers located in various regions such as North America, Europe, Central Asia, and South America.
FTX, along with its affiliated entities such as Alameda Research, faced a downfall in November 2022 following accusations of embezzlement and misappropriation of billions of dollars in customer funds involving its stakeholders and the hedge fund. Sam Bankman-Fried, the founder of the exchange, was handed a 25-year prison sentence and instructed to repay $11 billion.
For further information, Crypto exchange Kraken is looking to secure a $100 million pre-IPO funding.