A mining company that deals in Bitcoin (BTC) and has the support of FTX founder Sam Bankman-Fried, who is currently facing scandal, is reportedly exploring the possibility of going public in the United States.

Bloomberg’s recent report, based on information from anonymous sources familiar with the situation, states that Genesis Digital Assets, which is backed by Alameda Research, is in the process of working with advisors to potentially list the company.

Alameda Research was previously the investment arm of the now-defunct crypto exchange FTX. Sources have revealed that the company is considering launching a pre-IPO funding round in the near future.

Genesis Digital Assets, which was established in 2014, initially operated on a large scale in China before the country banned the entire industry in 2021. Subsequently, the company raised $550 million and relocated to the US.

Between 2021 and 2022, Alameda Research invested over $1 billion into Genesis Digital Assets. However, the collapse of the FTX empire and the accusations against Bankman-Fried, which led to his conviction for defrauding investors and mishandling billions of dollars in customer funds, had a significant impact on the industry. In April 2022, an internal company memo revealed that Genesis Digital Assets was valued at $5.5 billion. However, the collapse of FTX in November 2022 resulted in a sharp decline in prices across the digital assets industry.

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