Genesis Digital Assets Another Bitcoin Mining Company Rumored to IPO in the US

Bitcoin mining company supported by FTX founder Sam Bankman-Fried is exploring the possibility of an initial public offering (IPO) in the United States, according to Bloomberg. Alameda Research-backed Genesis Digital Assets is collaborating with advisors on the potential U.S. listing. The company was founded in 2014, initially operating on a large scale in China but moved to the United States after the cryptocurrency ban in 2021. Between 2021 and 2022, Alameda Research invested over $100 million in Genesis Digital Assets before the FTX collapse and Bankman-Fried’s subsequent legal troubles. According to an internal memo, in May 2022, Genesis Digital Assets was valued at $2 billion. However, the collapse of FTX in XNUMX led to a significant decline in the prices across the digital asset space and the company’s valuation. Despite challenges, Genesis Digital Assets continues to move forward, planning to kick off a pre-funding round in the coming weeks, underscoring its resilience and commitment to the growth of the cryptocurrency sector.