Alameda Invested $1.15 Billion In Genesis Digital Assets

As Bloomberg report, in an April round of funding, Alameda invested a total of roughly $1.15 billion in Genesis Digital, giving the business a $5.5 billion valuation.

Although the price of Bitcoin fell and the industry was devastated by rising energy prices, Alameda kept investing money in the company. In particular, there were four rounds of investment from August 2021 to April of this year. A roughly $100 million initial injection was made in August of last year, followed by $550 million in January 2022 and $250 million in February, after which an additional $250 million were added in April.

Genesis Digital Assets which used to be so-called Genesis Mining, was founded in 2013 by Streng and Marco Krohn as a cloud mining business with facilities in Iceland. It had had large-scale mining operations in China before the government imposed a sweeping ban on crypto mining last May.

Genesis Digital Assets started a quick expansion across the US after receiving the investment. About the first half of 2022, it secured 708 megawatts of power for its mining operations in Texas, South Carolina, and North Carolina, making the firm a significant Bitcoin miner in the nation.

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