Genesis Digital Assets, a Bitcoin mining giant, is reportedly considering a public listing through an Initial Public Offering (IPO). This move aligns with a growing trend among leading crypto firms.
Genesis Digital Asset (GDA) is said to be exploring the possibility of launching an IPO in the United States. This decision comes amidst a recent surge in Bitcoin mining activities in the country. Sources familiar with the matter disclosed to Bloomberg that the mining company is in discussions with advisors regarding the potential listing.
The IPO plans of Genesis Digital involve initiating a pre-IPO fund round in the coming weeks, as per an undisclosed source. However, it is noted that these plans are subject to change. Genesis Digital Assets has a strong background, originating from one of the earliest crypto-mining ventures. With substantial investment from Alameda Research, the company has evolved into a global powerhouse, operating multiple data centers across four continents with a power capacity exceeding 500 megawatts.
The company’s predecessor began its operations in Iceland in 2014, but had to expand rapidly in the US following the closure of large-scale operations in China due to a government ban in 2021. Despite facing setbacks with the collapse of its former CEO’s empire, Genesis Digital’s internal valuation reached $5.5 billion in April 2022.
The resurgence in Bitcoin’s price has reignited interest in publicly traded crypto companies, prompting Genesis Digital’s potential IPO. This move reflects a broader trend in the industry, with several other crypto firms preparing for public debuts, including Bitcoin mining companies like Northern Data AG. Kraken, a crypto exchange, is also gearing up for an IPO in 2025 after securing significant funding.
Additionally, Web3 investment giant Animoca Brands and Ripple Lab Inc’s CEO have expressed intentions for IPO launches. Despite fluctuations in Bitcoin’s value, the market remains active with BTC trading at $60,076 as of the latest update, reflecting a 4.2% decline in 24 hours with a market cap of $1.1 trillion.