Genesis Digital Considers US IPO for Public Market Entry: Report
Genesis Digital Assets is reportedly exploring an initial public offering in the US amid the crypto industry’s resurgence.
Bloomberg reported Tuesday that the crypto miner, backed by Sam Bankman-Fried’s former hedge fund Alameda, is collaborating with advisors to evaluate the potential listing.
The company reportedly intends to initiate a pre-IPO funding round in the upcoming weeks. Discussions are ongoing, and the specifics of the fundraising strategy may still change.
Genesis didn’t return Cryptonews’ request for comment by press time.
Fueled by the recent crypto market recovery, several crypto companies are exploring going public through IPOs. However, their path isn’t without challenges. Regulatory bodies like the SEC are casting a more watchful eye on the industry, and Bitcoin mining profits have recently dipped due to the halving, declining hash price and hash rate.
Bitcoin miner Genesis Digital Assets is eyeing a U.S. IPO. Alameda has invested over $1 billion, potentially benefiting creditors.
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