The largest investment by a cryptocurrency exchange FTX trading company was focused on bitcoin mining.
The largest investment by Alameda ($1.15 billion) and other entities in the FTX ecosystem is in Genesis Digital Assets, a cryptocurrency mining company that focuses on bitcoins, according to a report on the activities of Alameda, the trading company of the FTX cryptocurrency exchange.
One of the most recent investments ($250 million) in this area took place in April of this year, when there was an investment round for Genesis Digital Assets, which valued the company at $5.5 billion.
Alameda began investing in Genesis Digital Assets last August ($100 million). It then invested another $550 million and $250 million in January and February of this year, respectively, bringing the total investment to $1.15 billion.
It’s worth noting that Genesis Digital Assets is not related to the similarly named companies Genesis Trading, whose cryptolending division “froze” its operations during the FTX collapse.
Genesis Digital Assets was founded in April 2021 by Marco Strang. Strang had previously founded Genesis Digital Assets’ predecessor company, Genesis Mining. Genesis Mining launched its first bitcoin mining site back in 2014, in Iceland.