Received investment from Alameda Research! Bitcoin miner Genesis Digital Assets eyeing U.S. IPO

This site (120BtC.com): Bloomberg reported that according to sources, Bitcoin miner Genesis Digital Assets, which had been heavily invested in by Alameda Research, a sister trading company of the collapsed exchange FTX, is currently considering doing business in the United States. The initial public offering (IPO) is expected to launch the pre-IPO financing phase within a few weeks.

Genesis Digital Assets intends to IPO in the United States

As the encryption industry experienced a strong recovery last year, major miners have also tasted a lot of sweetness in revenue performance. Now they are facing a period of price stagnation after the halving, people familiar with the matter The intention of large-scale miner Genesis Digital Assets (GDA) to list on a US exchange was also revealed: the company is discussing potential IPO plans with advisors and may launch a pre-IPO financing round in the next few weeks.

And added, "However, relevant discussions are still ongoing, and the details may still change."

Was invested by Alameda Research

The roots of GDA can be traced back to the defunct quantitative trading that was highly related to the FTX exchange Company Alameda Research, data shows that Alameda invested a total of approximately US$1.15 billion in it four times in 2022, bringing its valuation to US$5.5 billion in April of that year, and it was able to rapidly expand its business territory in the United States.

This also allowed the company to indirectly hold FTX’s funds and was warned by creditors to return related assets.

GDA’s official website writes that the company operates more than 20 mining facilities in North America, Europe, South America and Central Asia, and has a total power capacity of more than 500 megawatts.

In May this year, the company also announced that it would join the energy policy advocacy organization Digital Power Network and establish a new mining data center in Argentina.

Mining companies are seeking to raise funds

With the impact of the Bitcoin halving event, the profitability of miners has also been squeezed in this already overcrowded industry, and has declined significantly in the past two months. They are also forced to seek to expand revenue sources or increase mining capacity.

They are also forced to seek to expand revenue sources or increase mining capacity, including undertaking high-performance computing (HPC) projects or becoming cloud service hosting providers.

At the same time, seeking financing is also a very effective way to obtain funds.

Just yesterday, Northern Data, Europe's largest Bitcoin miner and cloud computing company, also revealed that it plans to merge its "cloud computing" and "data center" businesses into independent entities and launch a new business in the United States in the first half of 2025. Listed on the NASDAQ exchange.

It is rumored that the relevant banks suggest that its business valuation is between US$10 billion and US$16 billion.

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