Bitcoin Miner Iris Energy Aims to Raise $200M in Funding Before Nasdaq Listing: Report

Australian bitcoin mining firm Iris Energy is looking to raise $200 million in a new funding round before it seeks a direct listing on the Nasdaq, according to a Bloomberg report.

• Iris Energy, which is based in Sydney and emphasizes its use of renewable energy, has been meeting prospective investors and is working with an adviser on the round, Bloomberg said, citing a person familiar with the matter.
• The direct listing is expected to become effective in the fourth quarter of 2021.
• The money raised will be used to help the firm prepare for its Nasdaq listing as soon as this year, Bloomberg said. Discussions are ongoing and the plans are not final, however, according to Bloomberg's source.
• In March, it emerged that Iris was increasing from $15.5 million to $31 million the amount it was looking to raise ahead of its expected initial public offering. Bloomberg reports the company ultimately raised $81.3 million in that round.
• Iris Energy had not responded to an emailed request for comment by press time.

Read more: Australian Bitcoin Mining Firm Iris Energy Doubles Pre-IPO Fundraising Target

UPDATE (August 18, 2021, 3:20 UTC): Updates information relating to direct listing timeline.