Genesis Digital Assets, a Bitcoin (BTC) mining company supported by Sam Bankman-Fried, the controversial founder of FTX, is reportedly exploring the possibility of launching an initial public offering (IPO) in the United States.

According to a recent report from Bloomberg, sources familiar with the matter, who chose to remain anonymous, revealed that Genesis Digital Assets, backed by Alameda Research, is currently collaborating with advisors to evaluate the potential for a public listing.

Previously affiliated with the crypto exchange FTX, Alameda Research has evolved into an investment arm. One source disclosed plans for Genesis Digital Assets to initiate a pre-IPO funding round in the upcoming weeks.

Established in 2014, Genesis Digital Assets initially conducted extensive operations in China until the country’s industry-wide ban in 2021. Subsequently, the company secured $550 million in funding and relocated its operations to the United States.

Between 2021 and 2022, Alameda Research made significant investments exceeding $1 billion into Genesis Digital Assets. However, the collapse of the FTX empire and subsequent allegations of fraud against Bankman-Fried led to tumult within the digital assets industry, marked by substantial price declines following FTX’s downfall in November 2022.

An internal company memo cited by Bloomberg News in April 2022 valued Genesis Digital Assets at $5.5 billion. Despite the subsequent market turbulence, the firm continues to navigate its strategic growth trajectory.

—
The article has been rewritten with creative rephrasing while retaining accuracy and coherence.