Alameda-backed crypto miner Genesis Digital Belongings is reportedly in discussions with advisors about launching a pre-IPO funding spherical inside the coming weeks.
Genesis Digital Belongings (GDA), a Bitcoin mining agency headquartered in Texas, is contemplating an preliminary public providing (IPO) within the U.S., regardless of important funding from the now-disgraced hedge fund Alameda Analysis, based by Sam Bankman-Fried.
In keeping with a Bloomberg report, the corporate is actively participating with advisors to expedite its IPO plans, concentrating on a pre-IPO funding spherical as quickly as within the “coming weeks.” It stays unclear if GDA intends to finish the IPO by the tip of 2024, as discussions are nonetheless in progress.
Based in 2013, Genesis Digital Belongings has raised over $1.61 billion in complete, with $1 billion from Alameda Analysis in April 2022, which elevated the agency’s valuation to roughly $5.5 billion. GDA operates with an influence capability exceeding 500 megawatts throughout 20 knowledge facilities situated in North America, Europe, Central Asia, and South America.
FTX and its affiliated entities — together with Alameda Analysis — collapsed in November 2022 amid allegations of embezzlement and misappropriation of billions of {dollars} in buyer funds involving its homeowners and the hedge fund. Sam Bankman-Fried, the founding father of the alternate, was sentenced to 25 years in jail and ordered to reimburse $11 billion.