Genesis Digital Assets, a Bitcoin mining firm based in Texas, is reportedly in discussions with advisors about launching a pre-IPO funding round within the coming weeks. This move comes despite significant investment from the now-disgraced hedge fund Alameda Research, founded by Sam Bankman-Fried.

Genesis Digital Assets (GDA) is actively engaging with advisors to expedite its IPO plans. The company is targeting a pre-IPO funding round soon, although it remains unclear if GDA intends to complete the IPO by the end of 2024. Discussions are still ongoing.

Founded in 2013, Genesis Digital Assets has raised over $1.61 billion in total. Notably, $1 billion of this funding came from Alameda Research in April 2022, which increased GDA’s valuation to approximately $5.5 billion. The firm operates with a power capacity exceeding 500 megawatts across 20 data centers located in North America, Europe, Central Asia, and South America.

In November 2022, FTX and its affiliated entities, including Alameda Research, collapsed amid allegations of embezzlement and misappropriation of billions of dollars in customer funds. Sam Bankman-Fried, the founder of the exchange, was sentenced to 25 years in prison and ordered to reimburse $11 billion.

Genesis Digital Assets’ IPO plans come at a time of significant turmoil within the cryptocurrency industry, highlighting the need for cautious and informed investment decisions.

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