A Bitcoin (BTC) mining company, which received backing from the now-infamous FTX founder Sam Bankman-Fried, is reportedly exploring the possibility of launching an initial public offering (IPO) in the United States.

According to a recent Bloomberg report, sources familiar with the situation reveal that Genesis Digital Assets, which was previously supported by Alameda Research, is currently engaging with advisors to assess the potential for a public listing. Alameda Research, the investment arm of the defunct FTX crypto exchange, was instrumental in the firm’s early growth.

One insider disclosed that Genesis Digital Assets is preparing to initiate a pre-IPO funding round in the near future. Established in 2014, Genesis Digital Assets began significant operations in China before the country imposed a comprehensive ban on the cryptocurrency industry in 2021. Subsequently, the firm secured $550 million in funding and relocated to the United States.

Between 2021 and 2022, Alameda Research invested over $1 billion into Genesis Digital Assets. However, this period of growth was marred by the collapse of FTX and the subsequent legal troubles of Bankman-Fried, who was convicted of defrauding investors and mismanaging billions in customer funds.

As of April 2022, an internal memo obtained by Bloomberg News valued Genesis Digital Assets at $5.5 billion. Yet, following the downfall of FTX in November 2022, the broader digital assets market experienced significant declines in value.

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