Alameda Research, the trading firm closely related to embattled exchange FTX, invested $1.15 billion into crypto miner Genesis Digital Assets.
This was Alameda’s and FTX’s biggest venture investment and valued the company at $5.5 billion in an April funding round, according to documents ໄດ້ຮັບ by Bloomberg that listed FTX and Alameda’s venture portfolio.
Alameda made four separate capital injections into the crypto miner. Last August, it invested about $100 million in the miner. It invested $550 million in January, followed by $250 million in February and $250 million in April.
The crypto miner has no relation to Genesis Trading, whose lending unit ຖືກຍົກເລີກ redemptions in the wake of FTX’s collapse.
Marco Streng ສ້າງຕັ້ງຂຶ້ນ Genesis Digital Assets in April 2021. Streng previously founded its predecessor company, Genesis Mining, which ເປີດ its first facility in Iceland in 2014.
The news comes as crypto miners continue to feel the heat amid the current downturn, which has seen the price of bitcoin plunge and energy costs rise. On Nov. 22, bitcoin miner Core Scientific ເຕືອນ of “substantial doubt” in its ability to continue operations after posting a $435 million loss. In November, mining revenues ຂົນ almost 20%, according to data from The Block Research.
The industry is now ກໍາລັງປະເຊີນ the further challenge of BlockFi’s Chapter 11 bankruptcy filing. The crypto lender was the second-biggest in the space.
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Source: https://www.theblock.co/post/191919/alameda-invested-1-15-billion-into-crypto-miner-genesis-bloomberg?utm_source=rss&utm_medium=rss