Genesis Digital Assets (GDA), a Texas-based Bitcoin mining firm backed by Alameda Research, is reportedly in talks with advisors to initiate a pre-IPO funding round in the coming weeks. Despite its ties to the now-disgraced hedge fund Alameda Research, founded by Sam Bankman-Fried, GDA is exploring the possibility of an initial public offering (IPO) in the U.S.
According to Bloomberg, Genesis Digital Assets is actively consulting with advisors to accelerate its IPO plans, aiming to launch a pre-IPO funding round in the “coming weeks.” The timeline for completing the IPO by the end of 2024 remains uncertain as discussions continue.
Genesis Digital Assets, founded in 2013, has raised over $1.61 billion to date, including a significant $1 billion investment from Alameda Research in April 2022. This investment boosted the firm’s valuation to around $5.5 billion. GDA operates more than 500 megawatts of power capacity across 20 data centers spanning North America, Europe, Central Asia, and South America.
Following the collapse of FTX and its affiliated entities, including Alameda Research, in November 2022 due to allegations of embezzlement and misappropriation of customer funds, founder Sam Bankman-Fried was sentenced to 25 years in prison and ordered to reimburse $11 billion.
