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Alameda Research Reportedly Invested $1.15B in Genesis Digital

Alameda Research Reportedly Invested $1.15B in Genesis Digital

Alameda Research invested in Genesis Digital in four rounds.

Alameda Research, a now-bankrupt cryptocurrency trading firm established in 2017 by Sam Bankman-Fried and Tara Mac Aulay, has allegedly invested $1.15 billion in Genesis Digital Assets.

According to a Bloomberg report shared on December 2nd, the hefty investment was made in four rounds from August 2021 to April 2022

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In August 2021, Alameda invested $100 million, in January $550 million, in February $250 million and in April $250 million. During the interview at the DealBook Summit, Sam Bankman-Fried admitted to being involved in Alameda Research venture decisions, including the one to invest in Genesis Digital.

In 2021, Genesis managed to secure $556 million in two-round funding. At that time, Genesis aimed to collect funding to acquire 20,000 Bitcoin (BTC) miners from Cannan and a Texas-based data centre, as well as to expand in the United States and Northern Europe.

In recent months, the crypto mining sector has been hit hard by rising energy prices and the bear market. Based on reports, mining revenue is now around $11.67 million, which is the lowest number in two years. For example, according to the data shared by MacroMicro, an average Bitcoin mining cost is $19,089 per unit, which surpasses its current retail price of $17,223.

It is worth noting that Genesis Digital, a major United States-based Bitcoin mining company, has no connections with trading company Genesis Capital.

At the time of investing, Alameda Research believed that Genesis Digital was valued at around $5.5 billion.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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