Mining
Genesis Digital Assets Considers IPO Amidst Crypto Mining Challenges
Thursday. July 4 at 9:00 AM
1 min. readGenesis Digital Assets (GDA) is reportedly exploring the possibility of going public through an initial public offering (IPO) in the United States. Backed by Sam Bankman-Fried’s Alameda Research in the past, GDA is in talks with advisors for the potential listing. The company is also planning a pre-IPO funding round soon, with details kept confidential. With a substantial operational scale of over 500 megawatts spread across 20 data centers globally, GDA has come a long way since its establishment in 2014. Following China's crypto mining ban in 2021, GDA strategically shifted its focus to the US, raising over $550 million for expansion. In a similar vein, CleanSpark, a Nasdaq-listed company, exceeded its operational targets for June, achieving a 20 EH/s operational hashrate. Despite challenges like Bitcoin miners capitulating, companies are diversifying into AI and other assets for sustainability and profitability.