Genesis Digital Assets Considers IPO

posted  3 Jul 2024
Photo - Genesis Digital Assets Considers IPO
Mining company Genesis Digital Assets (GDA) is exploring the possibility of entering the U.S. stock market through an Initial Public Offering (IPO). Company representatives have recently started private consultations with specialists about listing securities on official U.S. exchanges.

Prior to issuing shares, GDA plans to hold an additional funding round to attract capital and reassess the company’s valuation. Currently, there is no finalized plan for raising funds or securing potential investors, and the company has declined to comment on these matters.

As of April 2022, Genesis Digital Assets was valued at $5.5 billion. It received $1 billion worth of investment from the crypto hedge fund Alameda Research, which was managed by the founder of the now-defunct cryptocurrency exchange FTX.

Founded in 2014, GDA is among the world’s earliest mining companies. Initially launched in Iceland, it now has a total power capacity of around 500 megawatts and over twenty data centers across several continents including Eurasia, North America, and South America.