- Genesis Digital Belongings explores IPO with advisors.
- The corporate is engaged in cryptocurrency mining in 20 international information facilities.
- Valued at $5.5 billion, it’s coping with regulatory challenges amid bitcoin's value surge.
Genesis Digital Belongings (GDA) is reportedly exploring an IPO within the US, amid a renewed surge within the crypto business.
Sources aware of the matter mentioned the agency is at present consulting with advisers on a possible itemizing and plans to launch a pre-IPO financing spherical within the coming weeks. A GDA spokesman declined to touch upon ongoing discussions, saying fundraising efforts might change.
Based in Iceland in 2014, GDA turned a serious participant in cryptocurrency mining, securing greater than $1 billion in funding from Alameda Analysis, a now-defunct cryptocurrency buying and selling agency related to Sam Bankman-Fried.
The corporate weathered the business turbulence following the autumn of FTX and now operates a sturdy infrastructure with over 500 megawatts of capability throughout 20 information facilities in North America, Europe, Central Asia and South America. With operational bases in Houston and Dubai, GDA ranks among the many world's main cryptocurrency miners.
Regardless of a major setback in 2021 following the ban on cryptocurrency mining in China, GDA efficiently raised greater than $550 million and shifted its focus to the US market. Final April, the corporate reached a $5.5 billion valuation in a fundraising spherical, proving resilient to the FTX and Alameda bankruptcies and subsequent market downturns.
GDA's potential IPO is in keeping with a broader development of crypto companies eyeing public listings amid a buoyant crypto atmosphere fueled by surging bitcoin costs. Nonetheless, these aspirations face challenges, together with elevated regulatory scrutiny from the SEC and declining mining revenues as a consequence of upgrades to the Bitcoin protocol.
As GDA prepares for a attainable IPO, business watchers might be intently monitoring its strategic strikes amid the evolving regulatory atmosphere and market circumstances. Different main crypto gamers, corresponding to Kraken and Coinbase, have additionally proven curiosity in public choices.
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