Alameda-Backed Mining Firm Genesis Digital Assets Considering IPO in US: Report

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

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

Alameda Research was once the investing branch of the former crypto exchange FTX.

One of the sources divulged that the firm is planning on launching a pre-IPO funding round in the coming weeks.

Genesis Digital Assets, which has its roots in 2014, eventually started large-scale operations in China before the nation banned the entire industry in 2021. Then, the company raised $550 million and moved to the US, according to the report.

Between 2021 and 2022, Alameda Research invested over $1 billion into Genesis Digital Assets, before the FTX empire collapsed and Bankman-Fried was accused and subsequently found guilty of defrauding investors and mishandling billions of dollars worth of customer funds.

In 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 assets industry saw sharp price decreases across the board.

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