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Bitcoin Miner Iris Energy Upsizes Its IPO, Valuing Company at $1.5B
The Australian bitcoin miner expects to start trading on the Nasdaq Nov. 19 under the ticker symbol IREN.
Iris Energy, a Sydney-based company that mines bitcoin primarily with renewable energy, raised its initial public offering (IPO) pricing to $28 per share from the previous expected range of $25 to $27.
- The miner said it plans to sell 8.3 million shares, raising about $232 million through its IPO offering, according to a statement. It expects to start trading on the Nasdaq on Nov. 19 under the ticker symbol IREN.
- The company will have about 55 million shares outstanding, valuing the company at around $1.5 billion, according to its U.S. Securities and Exchange Commission filing.
- Iris will use the proceeds from the offering to fund its growth initiatives, including hardware purchases and acquisition and development of data center sites and facilities, as well as for working capital and general corporate purposes.
- The company said it has been mining bitcoin since 2019 and has sold all the bitcoin it mined, bucking the trend of most miners holding onto their coins.
Read more: Crypto Miners Hoarding Bitcoins as Price Surges Above $55K
STORY CONTINUES BELOW
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
