This Crypto Miner Backed By SBF’s Alameda Research is Exploring IPO in US
Crypto mining firm Genesis Digital Assets – backed by Sam Bankman-Fried’s fallen hedge fund, is reportedly mulling over an initial public offering (IPO) in the US as the crypto sector gains steam.
According to Bloomberg sources, Genesis Digital Assets is currently consulting advisers on a possible listing. The mining company intends to initiate a pre-IPO funding round, which is expected to begin in the coming weeks, as per an anonymous source.
Genesis Digital Assets Considers IPO in US
The company’s IPO plans follow significant expansion activities this year. In May, Genesis Digital Assets opened a new mining center in Argentina, and prior to that, it announced a 36MW facility in Texas.
While Genesis Digital Assets has yet to comment on the matter officially, the report said that the discussions are still in progress and the fundraising plans could be subject to change.
Currently, the company operates more than 500 megawatts of power capacity and 20 data centers across North America, Europe, Central Asia, and South America, positioning it as a leading crypto miner. According to information on its website, it has offices in Houston and Dubai.
For the uninitiated, Genesis Digital Assets originated from one of the first crypto-mining firms and secured over $1 billion in funding from Alameda Research, previously overseen by Bankman-Fried before his dramatic downfall.
The investments were made in four separate tranches: $100 million in August 2021, $550 million in January, $250 million in February, and lastly $250 million in April 2022.
An internal spreadsheet listing FTX and Alameda’s venture portfolio, reviewed by Bloomberg, indicated that the crypto mining firm was valued at $5.5 billion in April 2022.
Post FTX-Triggered Meltdown
The mining sector faced a massive downturn after FTX and Alameda declared Chapter 22 bankruptcy, subsequently triggering a meltdown in the digital assets sector. This, in turn, further exacerbated the conditions for Bitcoin miners, even dragging a significant number of them into bankruptcy as the crypto winter of 2022 intensified.
However, the industry witnessed a strong resurgence in the last two years, ultimately driving Bitcoin’s price to an all-time high.
As for Bankman-Fried, the disgraced exec was found convicted on all seven charges of fraud, conspiracy, and money laundering. On March 28 this year, he received a 25-year prison sentence and was ordered to forfeit $11 billion.
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NOT and PENDLE Tokens Suffer Losses Amid BTC’s Rebound to $59.8K
- Bitcoin’s drop to $59.8K triggers a broad crypto market decline
- NOT’s price drops 20% weekly, trading at $0.01302 amid bearish trends.
- PENDLE’s TVL falls 40% weekly, with user withdrawals totaling $3 billion.
The global crypto market has plunged back into bearish territory, with the leading digital currencies suffering significant losses. This downturn follows a brief recovery period on Monday when Bitcoin surged past the $63.7K threshold.
However, the resurgence was short-lived, as Bitcoin’s rapid decline to approximately $59,800 triggered a broader market sell-off, impacting altcoins like Notcoin (NOT) and Pendle (PENDLE).
CoinMarketCap data shows that NOT, which had been enjoying substantial gains earlier this month, fell by over 6% in a single day, erasing much of its recent progress. Meanwhile, PENDLE experienced an even steeper decline, losing nearly 15% of its market value as investors reacted to the widespread bearish sentiment.
NOT Token Loses 20% in a Week
Over the past week, NOT has been trapped in a persistent downtrend, consistently marking lower lows and failing to secure stable support levels. This relentless bearish sentiment has resu…
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