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Genesis Digital Assets Considers U.S. IPO Amid Expansion Plans

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#Bitcoin
$BTC
The Block
328Words
Jul 2, 2024

Genesis Digital Assets, a bitcoin mining firm backed by Alameda Research, is considering an initial public offering (IPO) in the U.S., as reported by Bloomberg. The company is currently consulting with advisers and planning a pre-IPO funding round in the near future. This move follows the April bitcoin halving event, which cut mining rewards by 50%, prompting many mining firms to seek expansion. In 2022, Alameda Research invested approximately $1.15 billion in Genesis Digital Assets, valuing the company at $5.5 billion. Genesis Digital Assets operates over 20 mining facilities worldwide, with significant operations in the U.S. and a new mining center launched in Argentina.

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