Genesis Digital Assets, a leading Bitcoin mining company, is likely want to going public in the US.
Development, progress, expansion
Genesis Digital Assets is consulting with advisers about a potential initial public offering, an IPO in the US, and according to Bloomberg, the company plans to start a pre-IPO funding round soon.
This decision follows a trend where Bitcoin mining firms are looking to expand and grow revenue, especially after the April Bitcoin halving event, which cut mining rewards by 50%.
GDA operates over 20 mining facilities across North America, Europe, Central Asia, and South America, with a total power capacity of more than 500 megawatts.
Billions and billions
GDA has a big global presence with its numerous data centers in four continents, making it one of the top cryptocurrency miners worldwide.
In 2021, GDA raised over $550 million and quickly expanded in the US after China banned crypto mining.
In 2022, they received a major investment from Alameda Research, affiliated with FTX, which invested about $1.15 billion, valuing GDA at $5.5 billion at the time.
Raising capital
Despite facing harsh challenges during the 2022 crypto market downturn, GDA bounced back alongside rising Bitcoin prices.
The company’s potential IPO is part of a larger trend of crypto firms considering public listings as the industry revives.
GDA has been actively expanding, with new mining centers in Argentina and Texas, as well as sites in North and South Carolina.
While considering an IPO, GDA and other crypto firms also face increased scrutiny from the US Securities and Exchange Commission and other regulators.
An IPO could provide GDA with the capital needed to continue expanding and strengthen its position in the competitive Bitcoin mining industry.
Which is a really good opportunity, as Bitcoin miners also have to deal with reduced revenues due to the halving.
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