Genesis Digital Assets, a Bitcoin (BTC) mining company backed by Alameda Research, formerly the investing branch of crypto exchange FTX, is reportedly exploring the possibility of an initial public offering (IPO) in the United States. Anonymous sources familiar with the matter informed Bloomberg that the firm is working with advisors on the potential listing. Genesis Digital Assets previously operated in China before the country banned the industry in 2021, after which it moved to the US and raised $550 million. Between 2021 and 2022, Alameda Research invested over $1 billion in the company before FTX’s collapse and its founder, Sam Bankman-Fried, was found guilty of defrauding investors and mishandling customer funds. In April 2022, Genesis Digital Assets was valued at $5.5 billion, but the industry experienced significant price declines after FTX’s collapse in November.
