According to the Wall Street Journal citing sources, only about half of Alameda Research’s $1.15 billion investment in Bitcoin mining company Genesis Digital was used for the company’s operations, and more than $500 million was spent on two joint ventures from Genesis Digital. The existing shares were purchased from the founders, and a Genesis Digital spokesperson said the company received funding "at market value" from Alameda during the fundraising process, and its founders own the majority of the company. Foresight News previously reported that Alameda Research invested a total of US$1.15 billion in mining company Genesis Digital between August 2021 and April 2022, including approximately US$100 million in August 2021 and US$550 million in January 2022. Genesis Digital is Alameda Research's largest venture capital round, with a $250 million investment in February 2022 and a $250 million investment in April 2022 at a valuation of $5.5 billion.