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Genesis Digital Assets Weighs U.S. IPO Amid Expanding Mining Ventures
Bitcoin mining behemoth Genesis Digital Assets (GDA), bolstered by backing from Alameda Research, is contemplating an initial public offering (IPO) in the United States, as per Bloomberg’s latest disclosures.
Engaging with financial consultants, GDA is exploring avenues for an IPO, alongside plans to initiate a pre-IPO funding round slated to commence imminently. This strategic move emerges as bitcoin mining entities strive to amplify revenues and enhance mining capabilities post-April’s bitcoin halving, which slashed mining rewards by half.
Read more: FoundationLogic Unveils Silent Home Miner at Mining Disrupt 2024
In 2022, Alameda Research, the now-defunct affiliate trading firm of the bankrupt FTX exchange, infused approximately $1.15 billion into GDA, catapulting the firm’s valuation to $5.5 billion. Despite numerous inquiries, GDA has remained reticent, abstaining from commenting on The Block’s requests.
GDA’s formidable mining infrastructure boasts an aggregate power capacity exceeding 500 megawatts, with operational sites spanning over 20 facilities across four continents, including prominent locations in Texas, North Carolina, and South Carolina.
In a significant expansion, GDA inaugurated a mining center in Argentina this past May and unveiled a new facility in Texas in April, featuring an additional 36 megawatts of power capacity.
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About the Author: Eunji Lim
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