Bitcoin mining firm Genesis Digital Assets plans to go public and is preparing for the initial public offering (IPO). The Alameda Research-backed miner is working with advisors on the potential IPO in the US.

Genesis Digital Assets considers pre-IPO funding

People privy to the matter informed the Tuesday’s Bloomberg publication that Genesis Digital Assets is considering a pre-IPO funding round. The Bitcoin mining firm secured $550 million in past fundraisers, pushing its valuation past $5.5 billion.

A notable investor in the firm is crypto exchange FTX’s investment arm, Alameda Research, which injected $1 billion. 

A Wall Street Journal publication in January 2023 explained that nearly half of the funds allocation to its operations. The report revealed that $500 million from Alameda Research bought off shares from two firm co-founders. 

Bitcoin miners eye US listing

The University of Notre Dame’s Peter Easton traced the investment from client deposits in the embattled crypto exchange FTX. 

The US Department of Justice engaged the accounting professor to help trace the funds lost from the FTX customers’ deposits. The scholar added that a significant portion of the $550M was users’ funds. 

Genesis Digital Assets has 20 data centers across  Europe, Central Asia, South America, and North America. The firm touts its huge power capacity, comprising 500 megawatts alongside 150,000 miners online.

The firm is joining other Nasdaq-listed Bitcoin miners, including CleanSpark (CLSK), Marathon Digital (MARA), and Riot Platforms (RIOT). The miners have had booming runs in the US stock market as Bitcoin prices rise.

Also Read: German and U.S. Governments Move Millions in Crypto Holdings