Genesis, which has raised $550 million in funding from investors since 2021, reached a valuation of $5.5 billion in its latest funding.

Among the companies investing in the Bitcoin miner is Alameda Research, the sister firm of the failed crypto exchange FTX. Alameda's venture capital unit poured $1 billion into Genesis Digital Assets.

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According to a report in the Wall Street Journal earlier this year, half of that figure went to company operations. The remaining $500 million was used to buy shares in the two founders of the Bitcoin miner.

Bitcoin mining firm Genesis Digital Assets is working with advisors on a potential initial public offering (IPO) in the US, Bloomberg reported on Tuesday.

According to Peter Eastona, an accounting professor at the University of Notre Dame, the funds Alameda used to invest in Genesis Digital Assets may have come from FTX customer deposits.

Easton, who was hired by the US Department of Justice (DOJ) to trace the funds of FTX and Alameda Research, testified during the trial of Sam Bankman-Fried that FTX customers funded most of the $550 million investment in the company.

Genesis Digital Assets is one of the largest Bitcoin mining firms operating today, with 20 data centers in North America, Europe, South America and Central Asia. According to its website, the company has a total power capacity of 500 megawatts and 150,000 active rigs.

Editor: David Goodman