Genesis Digital Assets Supported by Aramco Considers IPO in the United States Report

According to CoinDesk, a Bitcoin mining company supported by the disgraced FTX founder Sam Bankman-Fried is considering going public in the United States. Bloomberg reported that Genesis Digital Assets, backed by Alameda Research, is currently working with advisors on a potential listing. Alameda Research was previously an investment arm of the former cryptocurrency exchange FTX. One source revealed that the company plans to launch a pre-IPO financing round in the coming weeks. Genesis Digital Assets, founded in 2014, began large-scale operations in China until the country banned the entire industry in 2021. After raising $550 million, the company moved to the United States. Between 2021 and 2022, Alameda Research invested over $1 billion in Genesis Digital Assets. However, following the collapse of the FTX empire and the accusations against Bankman-Fried, the valuation of Genesis Digital Assets dropped significantly. An internal company memo seen by Bloomberg News in April 2022 valued Genesis Digital Assets at $5.5 billion. Nonetheless, the collapse of FTX in November 2022 led to a substantial decline in the prices of digital assets across the industry.