Genesis Digital Assets, which once received an $1.1 billion investment from Alameda, is considering an IPO in the United States.

Bloomberg reported that according to sources, Genesis Digital Assets, a Bitcoin mining company heavily backed by Alameda Research, a sister trading firm of the now-defunct exchange FTX, is currently considering an initial public offering (IPO) in the United States. It is expected to kick off the fundraising phase before the IPO in the coming weeks.

Genesis Digital Assets Intends to IPO in the United States

With the strong recovery of the crypto industry last year, major miners have reaped significant benefits in terms of revenue. Now, after the halving and facing a period of price stagnation, insiders have revealed that the large-scale mining company Genesis Digital Assets (GDA) intends to list on a U.S. exchange:

The company is in discussions with advisors regarding a potential IPO plan and may launch a round of pre-IPO financing in the coming weeks.

It was also added, "However, discussions are still ongoing, and details may change."

Previously Invested by Alameda Research

The origins of GDA can be traced back to the now-defunct quant trading firm Alameda Research, highly associated with the FTX exchange. Data shows that Alameda invested approximately $1.15 billion in GDA four times in 2022, bringing its valuation to $5.5 billion in April of that year and enabling rapid expansion of its business in the United States.

This also indirectly led the company to hold funds from FTX and receive warnings from creditors to return related assets.

Multiple exchanges and institutions holding FTX "loot" may face up to ten years in prison

According to GDA's website, the company operates over 20 mining facilities in North America, Europe, South America, and Central Asia, with a total power capacity of over 500 megawatts.

In May of this year, the company also announced its membership in the energy policy advocacy group, Digital Power Network, and established a new mining data center in Argentina powered by repurposed flared gas there.

Mining Companies Seeking Funding One after Another

With the impact of the Bitcoin halving event unfolding, the profitability of miners has been squeezed in this already overcrowded industry, with a noticeable decline in the past two months. They are forced to seek to expand revenue sources or increase mining capacity.

They are also forced to seek to expand revenue sources or increase mining capacity, including taking on high-performance computing (HPC) projects or becoming cloud service providers.

JPMorgan: Taking on high-performance computing projects sparks interest from mining company investors

At the same time, seeking funding is also a very effective way to obtain capital.

Just yesterday, Northern Data, the largest Bitcoin miner and cloud computing company in Europe, revealed plans to merge its "cloud computing" and "data center" businesses into an independent entity and list on the Nasdaq exchange in the first half of 2025.

It is rumored that banks suggest a business valuation between $10 billion and $16 billion.

European mining giant Northern Data intends to go public on Nasdaq in 2025 with a valuation of up to $16 billion