Iris Energy, Australian crypto mining firm set for IPO


TL;DR Breakdown

  • Iris Energy set to go public on Nasdaq stock.
  • Iris not first crypto mining firm to go public.
  • Iris holds no Bitcoin, says IPO funds will be used to increase its working capital.

Australian bitcoin mining company Iris Energy is the latest crypto firm to file for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

Iris Energy filed for an F-1 form to the SEC with a placeholder goal of raising $100 million and plans to list on the Nasdaq stock exchange under the ticker IREN.

This comes months after the firm first submitted its confidential filing for a direct listing in August. The shares are expected to start trading later this year with firms like J.P. Morgan, Canaccord Genuity, Citigroup, Macquarie Capital, and Cowen as joint book-runners for the deal.

Iris Energy, not first crypto firm to go public

The Australian mining firm is not the first Bitcoin miner to set its foot in the stock exchange. Weeks back, Pennsylvania-based Stronghold Digital, another crypto miner, raised $127 million in an IPO with the final pricing exceeding the initial target range.

For Iris Energy, it said back in July, according to Bloomberg, that it wants to raise $200 million in new funding round before it seeks a direct listing on Nasdaq. Another rallying point for the Bitcoin miner is that it uses renewable energy for crypto mining. It has been meeting prospective investors and is working with an adviser.

Iris holds no Bitcoin

Unlike many other crypto mining firms in the region, Iris Energy says it does not hoard its Bitcoin. Rather it liquidates its newly mined coin daily.

“We have been mining Bitcoin since 2019. We liquidate all the Bitcoin we have mined and therefore do not have any Bitcoin held on our balance sheet as of September 30, 2021,” the firm said in the prospectus.

Iris Energy said it plans to use the net proceeds from the IPO to increase its working capital and expand its hardware and mining facilities.

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