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Bitcoin Mining Company Genesis Digital Assets Mulls IPO

The miner is reportedly talking to advisors about funding options ahead of a debut on public markets.
William M. Peaster William M. Peaster Jul 3, 20241 min read
Bitcoin Mining Company Genesis Digital Assets Mulls IPO

Bitcoin mining firm Genesis Digital Assets is considering an initial public offering in the U.S., following a significant investment from the now-defunct Alameda Research in 2022, Bloomberg reports.

What's the scoop?

  • According to sources who spoke with Bloomberg, Genesis is consulting with advisers on an IPO and plans to launch a pre-IPO funding round in the coming weeks.
  • Genesis’s move comes as many Bitcoin miners face financial strain following April's halving, which cut mining rewards by 50%.
  • Genesis operates over 20 mining facilities across four continents, with a total power capacity exceeding 500 megawatts. Recent expansions include a new 36-megawatt facility in Texas and a mining center in Argentina.

Bankless take:

This year’s Bitcoin halving event has squeezed miners' revenues, forcing many to adapt or exit the market. If actualized, this IPO could provide Genesis with some much-needed capital.That’s not all, though. Recall how Alameda Research invested $1.15B into Genesis in 2022, and since then we’ve learned that some of those investment funds may have come from FTX depositors. Against the backdrop of the ongoing FTX bankruptcy proceedings, some of Alameda’s investments in Genesis may be sold if the mining company goes public through an IPO, and the proceeds from selling these shares could go to repaying FTX creditors. We’ll have to wait and see if that pans out, but it’d be welcome news in the FTX saga. 

William M. Peaster

Written by William M. Peaster

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William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal newsletter on the onchain frontier, covering everything from AI projects to crypto games, as the team’s lead NFT analyst. With a background in creative writing, he writes fiction and publishes art on Ethereum in his free time. He lives in Washington.

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