Bitcoin mining firm Genesis Digital Sources is working with advisors on a doable initial public offering (IPO) in the US, in keeping with a Tuesday story from Bloomberg.

Other folks acquainted with the topic told the publication that Genesis Digital Sources plans to raise a pre-IPO funding spherical interior the next few weeks. The corporate has raised over $550 million from traders since 2021, and used to be valued at over $5.5 billion in its newest funding spherical.

Among the firm’s most prominent traders used to be the endeavor capital arm of FTX’s sister firm Alameda Evaluation, which infused $1 billion into the Bitcoin mining firm. A story from the Wall Road Journal closing January realized that entirely half of these funds went in the direction of Genesis Digital Sources’ operations, while over $500 million supplied gift shares from two Genesis Digital co-founders.

It is a long way also value noting that the funds Alameda aged to make investments in Genesis Digital Sources could possess come from FTX’s customer deposits, in keeping with testimony from Peter Easton, a College of Notre Dame accounting professor.

Easton, who used to be employed by the U.S. Department of Justice (DOJ) to hint FTX and Alameda Evaluation’s funds testified that FTX potentialities funded the majority of a $550 million investment into Genesis Digital Sources, at some point of the trial of Sam Bankman-Fried reported by CoinDesk in October 2023.

Genesis Digital Sources is one among the finest Bitcoin mining companies operational at the original time, with 20 data centers across North The USA, Europe, South The USA and Central Asia. The firm has a total energy capacity of 500 megawatts and 150,000 miners online.

If the firm does terminate up itemizing shares on a US inventory replace, it’d be part of quite so much of major Bitcoin mining companies handle Marathon Digital and Revolt Platforms which possess had successful runs available in the market, significantly at some point of sessions when the value of Bitcoin tracks increased.