Genesis Digital Explores IPO Path Amid Bitcoin Mining Boom in the US

• Bitcoin mining giant Genesis Digital Assets is reportedly eyeing a public listing through an IPO.
• This market debut plan might change, but it shows a growing trend among top crypto firms.

Genesis Digital Asset (GDA) is reportedly exploring a potential Initial Public Offering (IPO) launch in the United States. This development comes on the heels of a recent Bitcoin (BTC) mining boom in the country. Sources familiar with the matter told Bloomberg that the mining firm is working with advisers on the potential listing.

Genesis Digital’s IPO Plans

According to the details from an unidentified person, Genesis Digital is set to launch a pre-IPO fund round that could begin in the upcoming weeks. However, the source said deliberations are ongoing and emphasized that the IPO plans could be altered.

Genesis Digital Assets boasts a rich history, tracing its roots back to one of the earliest crypto-mining operations. With over $1 billion in investment from Alameda Research, the now-defunct company led by FTX’s former CEO, Sam-Bankman-Fried, Genesis Digital has grown into a global powerhouse. The company operates over 20 data centers across four continents, boasting a power capacity exceeding 500 megawatts.

The company’s predecessor established its first mining facility in Iceland in 2014. However, as previously reported by Crypto News Flash, large-scale operations in China were forced to shut down in 2021 due to a sweeping government ban. This prompted the firm’s rapid expansion in the US after securing over $550 million in funding that same year.

Genesis Digital’s internal valuation peaked at $5.5 billion in April 2022, according to a leaked spreadsheet detailing FTX and Alameda’s investment portfolio. However, the collapse of Bankman-Fried’s empire later that year affected the crypto-mining industry, causing the firm’s fortunes to dwindle.

However, the industry’s tide appears to be turning once again, fueled by Bitcoin’s price recovery over the past year. This renewed enthusiasm is translating into investor interest in publicly traded crypto companies. 

Companies Line Up for IPO Debut

GDA’s potential IPO is just one example of a broader trend. Several other crypto companies are lining up for their public debuts, with a notable presence of Bitcoin mining firms. For instance, Northern Data AG, a German company, is reportedly in talks for a US IPO, aiming for a $16 billion valuation and a potential Nasdaq listing by mid-2025. 

Similarly, crypto exchange Kraken is preparing for a 2025 IPO after securing $100 million in its anticipated final funding round this year. According to a prior report by Crypto News Flash, the company is actively seeking an industry leader to strengthen its board in preparation for the IPO.

Furthermore, Web3 investment giant Animoca Brands is exploring IPO possibilities in both Hong Kong and the Middle East. While preliminary discussions with banks have occurred, Animoca has not formally engaged financial advisors to conclude the IPO process.

Ripple Lab Inc’s CEO, Brad Garlinghouse, has also expressed intentions for a potential IPO launch in 2025, as Crypto News Flash earlier indicated. Despite the bullish sentiment from these companies, BTC continues to see declines in its value. As of this writing, BTC is trading at $60,076, down by 4.2% in over 24 hours, with the market cap pegged at $1.1 trillion.