Alameda-backed crypto miner Genesis Digital Property is reportedly in discussions with advisors about launching a pre-IPO funding spherical inside the coming weeks.
Genesis Digital Property (GDA), a Bitcoin mining agency headquartered in Texas, is contemplating an preliminary public providing (IPO) within the U.S., regardless of vital funding from the now-disgraced hedge fund Alameda Analysis, based by Sam Bankman-Fried.
In response to a Bloomberg report, the corporate is actively partaking with advisors to expedite its IPO plans, concentrating on a pre-IPO funding spherical as quickly as within the “coming weeks.” It stays unclear if GDA intends to finish the IPO by the top of 2024, as discussions are nonetheless in progress.
Based in 2013, Genesis Digital Property has raised over $1.61 billion in whole, with $1 billion from Alameda Analysis in April 2022, which elevated the agency’s valuation to roughly $5.5 billion. GDA operates with an influence capability exceeding 500 megawatts throughout 20 knowledge facilities situated in North America, Europe, Central Asia, and South America.
FTX and its affiliated entities — together with Alameda Analysis — collapsed in November 2022 amid allegations of embezzlement and misappropriation of billions of {dollars} in buyer funds involving its homeowners and the hedge fund. Sam Bankman-Fried, the founding father of the trade, was sentenced to 25 years in jail and ordered to reimburse $11 billion.
