Bloomberg: Alameda-Backed Crypto Miner GDA Considers US IPO

Bloomberg: Alameda-Backed Crypto Miner GDA Considers US IPO

Genesis Digital Assets (GDA), a cryptocurrency mining company backed by now-bankrupt crypto exchange FTX's sister company Alameda Research, is reportedly exploring an initial public offering (IPO) in the United States. According to Bloomberg, which cited anonymous sources familiar with the matter, GDA has been consulting with advisors regarding a potential IPO and may launch a pre-IPO fundraising round soon. GDA has reportedly secured over $1 billion in funding from Alameda and currently has mining operations in over 20 data centers worldwide. In April 2022, the company was valued at $5.5 billion during a funding round. This news comes amidst ongoing discussions about the future of crypto mining in the wake of FTX's collapse. Some analysts believe that the mining industry may face challenges due to reduced investor confidence and regulatory scrutiny. However, others argue that the long-term prospects for crypto mining remain strong, particularly given the increasing adoption of digital assets. It is worth noting that the IPO plans are still in their early stages, and there is no guarantee that GDA will ultimately go public. However, the news highlights the continued interest in the cryptocurrency mining sector, despite the recent market turbulence.