Alameda-Backed Mining Firm Genesis Digital Assets Considering IPO in US

Genesis Digital Assets, a Bitcoin mining company backed by Alameda Research and former FTX founder Sam Bankman-Fried, is reportedly exploring the possibility of an initial public offering (IPO) in the US. The company is said to be working with advisors on the potential listing and planning a pre-IPO funding round in the coming weeks. Genesis Digital Assets began operations in China before the country banned the industry in 2021, and subsequently raised $550 million and moved to the US. The company was valued at $5.5 billion in April 2022, but saw a decline in value following the collapse of FTX in November 2022.