FTX and Alameda’s Most Invested Company Announced: They Have Spilled $1.15 Billion!

According to the documents revealed by Bloomberg, the company that Alameda Research invested the most before the bankruptcy, bitcoin The mining firm was registered as Genesis Digital Assets.

Alameda continued to pour money into the firm even as the price of Bitcoin fell and rising energy costs hurt the industry.

According to an internal spreadsheet listing FTX and Alameda’s portfolio of ventures obtained by Bloomberg News, Alameda has invested a total of approximately $1.15 billion in Genesis Digital, valuing the company at $5.5 billion in an April fundraising round.

There is no connection between Genesis Digital mentioned here and Genesis, the cryptocurrency lender that recently stopped customer withdrawals.

The investment was spread over four rounds between August 2021 and April this year. An initial investment of approximately $100 million was made last August, followed by $550 million in January, $250 million in February, and $250 million in April.

According to the chart of accounts, the total amount is Alameda and FTX’s largest venture investment.

Representatives of Genesis Digital, which has its roots in Iceland, did not respond to requests for comment.

Genesis Mining, the predecessor of Genesis Digital Assets, was one of the earliest mining companies to open its first facility in Iceland in 2014. It used to run large-scale mining operations in China before the government introduced a comprehensive ban on crypto mining last May.

According to his blog post on Linkedin, founder Marco Streng later founded Genesis Digital Assets in April 2021 and shifted his focus to Bitcoin mining rather than being a crypto service provider.

*Not investment advice.

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