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

The company has been meeting prospective investors and is working with an adviser on the round, Bloomberg reported.

Updated Set 14, 2021, 1:27 p.m. Published Hul 19, 2021, 3:32 p.m. Translated by AI

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.

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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.

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

Bitcoin Mining Nasdaq Bitcoin Fundraising

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.