Bitcoin mining firm Genesis Digital Assets is weighing options for a potential initial public offering in the U.S., according to Bloomberg.
The firm is consulting with advisers on a potential IPO and plans to launch a pre-IPO funding round that could take place in the coming weeks, Bloomberg reported today, citing sources familiar with the matter. GDA’s plan comes as many bitcoin mining firms are attempting to expand revenues and mining capacities since April’s bitcoin halving, which reduced bitcoin mining rewards by 50%.
Alameda Research, the defunct sister trading firm of bankrupt FTX exchange, invested about $1.15 billion in GDA in 2022, which brought the mining firm’s value to $5.5 billion at the time.The mining firm, which has a total power capacity of over 500 megawatts, runs over 20 mining facilities across four continents, including those in Texas, North Carolina, and South Carolina, according to its website.
In May, GDA launched a mining center in Argentina, and in April, it announced a new facility in Texas that has about 36 MW of total power capacity.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.