- Genesis Digital Assets explores an IPO with advisors.
- The company is involved in crypto mining across 20 global data centers.
- Valued at $5.5B, it navigates regulatory challenges amid Bitcoin’s price surge.
Genesis Digital Assets (GDA) is reportedly exploring an IPO in the U.S., amidst a renewed surge in the crypto industry.
Sources familiar with the matter disclosed that the firm is currently consulting with advisors on the potential listing and plans to launch a pre-IPO funding round in the coming weeks. A GDA spokesperson declined to comment on the ongoing discussions, stating that fundraising efforts remain subject to change.
Founded in Iceland in 2014, GDA became a major player in the crypto mining space, securing over $1 billion in funding from Alameda Research, the now-defunct crypto trading firm associated with Sam Bankman-Fried.
The company navigated industry turbulence following the collapse of FTX, and now operates a robust infrastructure with over 500 megawatts of power capacity across 20 data centers spanning North America, Europe, Central Asia, and South America. With operational bases in Houston and Dubai, GDA ranks among the world’s leading crypto miners.
Despite facing a significant setback in 2021 after China’s crypto mining ban, GDA successfully raised over $550 million and shifted its focus to the U.S. market. In April of last year, the company achieved a $5.5 billion valuation in a fundraising round, demonstrating resilience in the face of FTX and Alameda’s bankruptcy filings and subsequent market downturns.
GDA’s potential IPO aligns with the broader trend of crypto firms eyeing public listings amidst a revived crypto landscape fueled by soaring Bitcoin prices. However, these aspirations face challenges, including heightened regulatory scrutiny from the SEC and declining mining revenues due to Bitcoin protocol upgrades.
As GDA prepares for a possible IPO, industry observers will closely monitor its strategic moves amidst evolving regulatory landscapes and market conditions. Other major crypto players, like Kraken and Coinbase, have also expressed interest in public offerings.
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