CoinDesk reports:
A Bitcoin (BTC) mining company supported by the disgraced FTX founder Sam Bankman-Fried is considering its initial public offering in the United States.
According to a recent Bloomberg article, sources familiar with the matter revealed that Genesis Digital Assets, backed by Alameda Research, is currently consulting advisors on a potential listing.
Alameda Research was previously an investment arm of the former cryptocurrency exchange FTX.
One of the sources disclosed that the company plans to initiate a pre-IPO fundraising round in the coming weeks.
Genesis Digital Assets, founded in 2014, eventually scaled operations massively in China until the industry-wide ban in 2021. Following this, the company raised $550 million and shifted operations to the United States.
Between 2021 and 2022, Alameda Research invested over $1 billion into Genesis Digital Assets, amid the collapse of the FTX empire and allegations against Bankman-Fried for investor fraud and mishandling billions in client funds.
An internal memo seen by Bloomberg News in April 2022 valued Genesis Digital Assets at $5.5 billion. However, the collapse of FTX in November 2022 led to significant industry-wide price declines.
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