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.
