Genesis Digital Assets Considers U.S. IPO Amid Bitcoin Mining Expansion
Genesis Digital Assets, a major player in Bitcoin mining, is reportedly exploring the idea of going public in the United States, according to a recent report from Bloomberg.
Sources familiar with the matter disclosed that the company is currently seeking advice from financial advisors on the feasibility of launching an initial public offering (IPO). Additionally, Genesis Digital Assets is planning to initiate a round of funding prior to the IPO, expected to commence in the coming weeks.
This move comes as many Bitcoin mining firms are looking to expand their revenue streams and increase their mining capacities following the significant reduction in Bitcoin mining rewards during April’s halving event, which cut rewards by 50%.
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Back in 2022, Genesis Digital Assets received a substantial investment of around $1.15 billion from Alameda Research. This investment, which valued the mining firm at $5.5 billion at the time, has bolstered its position in the industry.
Genesis Digital Assets currently operates more than 20 mining facilities spread across four continents, including prominent locations in Texas, North Carolina, and South Carolina, as detailed on its official website.
Recent expansions include the launch of a new mining center in Argentina in May and the announcement of a significant facility in Texas with a total power capacity of approximately 36 megawatts announced in April.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
