Alameda Backed Genesis Digital Assets Eyes US IPO

Genesis Digital Assets (GDA), a pioneering force in crypto mining, is gearing up for a potential initial public offering (IPO) in the United States, sources familiar with the matter reveal as the crypto market stages a robust resurgence, boosted by soaring Bitcoin prices and renewed investor interest.

Founded on the heel of China’s sweeping mining ban in 2021, GDA swiftly adapted, expanding its operations across North America, Europe, Central Asia, and South America. With a staggering total power capacity exceeding 500 megawatts spread across 20 data centers, GDA is one of the world’s premier crypto miners, as per the data by Bloomberg.

The company traces its origins back to Iceland in 2014, later attracting substantial investments including over $1 billion from Alameda Research, formerly helmed by crypto titan Sam Bankman-Fried. Bankman-Fried’s association underscores GDA’s pedigree in the industry despite recent sector-wide volatility.

Valued at a formidable $5.5 billion in a recent fundraising round, GDA’s potential IPO could mark a pivotal moment in its trajectory. Amid preparations for a pre-IPO funding round in the coming weeks, GDA remains tight-lipped about specifics, reflecting the delicate nature of such financial activities.

While the crypto mining sector faced challenges, including regulatory scrutiny and revenue fluctuations from Bitcoin updates, GDA’s resilience and strategic expansions underscore its readiness for public scrutiny. This IPO bid not only signals confidence in GDA’s future but also mirrors broader market optimism in digital assets.

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