A Bitcoin (BTC) mining company backed by disgraced FTX founder Sam Bankman-Fried is reportedly considering an initial public offering (IPO) in the US.
According to a new one report by Bloomberg, anonymous sources familiar with the matter say that Genesis Digital Assets, which is backed by Alameda Research, is currently working with advisors on the possible listing.
Alameda Research was once the investing arm of the former crypto exchange FTX.
One of the sources revealed that the company plans to launch a pre-IPO funding round in the coming weeks.
Genesis Digital Assets, which has its roots in 2014, eventually began large-scale operations in China before the country banned the entire industry in 2021. The company then raised $550 million and moved to the US, the report said.
Between 2021 and 2022, Alameda Research invested more than $1 billion in Genesis Digital Assets, before the FTX empire collapsed and Bankman-Fried was accused and subsequently found guilty of defrauding investors and mishandling billions of dollars of client funds.
In April 2022, Genesis Digital Assets was valued at $5.5 billion, according to an internal company memo seen by Bloomberg News. However, when FTX collapsed in November 2022, the digital asset sector saw sharp price declines across the board.
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