Genesis Digital Assets, a Bitcoin (BTC) mining company supported by Sam Bankman-Fried, the controversial figure behind FTX, is reportedly contemplating a debut on the US stock market. According to a recent Bloomberg report citing anonymous insiders, Genesis Digital Assets, backed by Alameda Research, is currently collaborating with advisors to explore the possibility of an initial public offering (IPO).
Alameda Research, formerly the investment arm of the crypto exchange FTX, has been instrumental in Genesis Digital Assets’ journey. Sources close to the matter disclosed plans for a pre-IPO funding round in the coming weeks.
Founded in 2014, Genesis Digital Assets initially scaled its operations in China before the country’s 2021 ban on the industry. Subsequently, the company relocated to the United States after securing $550 million in funding.
During the period spanning 2021 to 2022, Alameda Research injected over $1 billion into Genesis Digital Assets. However, this support came amid turmoil, as the collapse of the FTX empire led to allegations against Bankman-Fried, resulting in his conviction for investor fraud and mishandling substantial customer funds.
An internal memo cited by Bloomberg News in April 2022 valued Genesis Digital Assets at $5.5 billion. Nevertheless, the digital assets sector experienced significant downturns following FTX’s collapse in November 2022.
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