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Alameda Research's sister company, Genesis Digital Assets, a crypto mining company, was the most prominent venture investment in cryptocurrency.
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Bloomberg documents dated Dec. 3 reveal that Genesis Digital raised $1.15 Billion from Alameda within nine months.
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Genesis Digital, a major US-based Bitcoin mining firm, is not associated with Genesis Capital, a trading company with $ 175 million worth of funds in an FTX trading account.
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Sam Bankman-Fried, the former CEO of FTX, recently acknowledged his participation in Alameda's venture decisions.
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This included the investment in Genesis Digital. According to the documents, Alameda made capital deployments four times:
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$100 million in August 2021; $550 million in January; $250 million in February; $250 million in March 2022; and $250 million in April 2022.
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Genesis Digital raised $556 million last year through two funding rounds. This was to support its aggressive growth plans.
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The funds were used to purchase 20,000 Bitcoin miners from Canaan and expand its U.S. and Northern European operations.
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