Australian green energy Bitcoin mining firm doubles pre-IPO funding round

Published at: March 3, 2021

Iris Energy, an Australian firm that invests in Bitcoin (BTC) mining data centers powered by renewable energy sources, has doubled its second pre-initial public offering round.

According to Bloomberg, a 13 million Australian dollar ($10 million) commitment from equity manager outfit Platinum Asset Management has seen Iris increase its second pre-IPO target to 40 million Australian dollars ($31 million) from the initial 20 million Australian dollars set earlier in mid-February.

As reported by Financial Review back in December 2020, the Bitcoin miner secured $19.5 million in equity funding and $3.9 million in debt during its first pre-IPO funding round.

Firms like Regal Funds Management and Thorney led the equity funding round.

Meanwhile, Iris Energy is getting set to apply to the Australian Securities Exchange for an IPO in the summer. The Bitcoin miner reportedly has a $39 million target for the summer float with the proceeds of the IPO earmarked for the expansion of its BTC mining enterprise.

Indeed, Iris Energy has set its sights on upscaling its capacity by investing in 500 megawatts data centers spread across the United States, Canada and some countries in the Asia-Pacific region.

Apart from doubling its second pre-IPO funding target, the company also announced changes to its management structure with a new CEO in Jason Conroy, the chief financial officer at TransGrid — one of the largest energy utility companies in Australia.

Iris is only the latest in a growing list of Bitcoin mining firms pursuing public listings on the back of the current bull market for the largest crypto by market capitalization.

In February, reports emerged that major European Bitcoin mining outfit Northern Data was mulling a $500 million IPO with backing from Swiss investment giant Credit Suisse.

The Swiss Investment firm was also temporarily involved with the Canaan Creative IPO back in 2019.

Following the resolution of the leadership tussle at Bitmain, the crypto mining giant is believed to be getting set for another attempt at a public listing following the 2018 failed attempt.

Tags
Bitcoin
Business
Australia
Bitcoin Mining
Ipo
Related Posts
Aussie Bitcoin miner to reportedly raise $200M ahead of Nasdaq listing
Iris Energy, a Sydney-based Bitcoin (BTC) mining firm that invests in data centers powered by renewable energy sources, reportedly plans to raise new funds ahead of the expected Nasdaq listing. Bloomberg reported that the new fundraising round is looking to raise roughly $200 million to prepare for the United States exchange listing. Iris Energy has already met with prospective investors and plans to go for the Nasdaq listing before the end of the year. The report calls up earlier talks on special purpose acquisition companies (SPACs), which would enable a potential U.S. listing aimed at $300–$500 million for the green …
Bitcoin / July 20, 2021
Bitcoin miner Stronghold will list almost 6M shares in its $100M IPO
United States Bitcoin mining company Stronghold Digital Mining will list almost six million shares in an initial public offering (IPO) on the Nasdaq. Stronghold plans to list 5,882,352 Class A common stock shares priced between $16 and $18 under the ticker “SDIG.” Taking the average proposed offering price puts the IPO at around $100 million. The Kennerdell, Pennsylvania-based firm first filed with the Securities and Exchange Commission for a Nasdaq IPO in July. It will fund an almost 900% expansion in capacity in the coming year. The final prospectus has already been filed with the SEC, but it has yet …
Bitcoin / Oct. 14, 2021
Bitcoin mining operator Northern Data reportedly considering $500M IPO
Major European Bitcoin (BTC) mining company Northern Data is reportedly considering going public in the United States. Germany-based Northern Data is planning to raise up to $500 million in an initial public offering, or IPO, Bloomberg reported on Monday. The company is working with Swiss investment bank Credit Suisse to proceed with the IPO, anonymous people familiar with the matter told the publication. According to the report, the company is considering conducting a sale of new shares later in 2021, intending to boost Northern Data’s shareholder base along with its global profile. Northern Data’s shareholders include investors like Galaxy Digital …
Bitcoin / Feb. 23, 2021
Bitcoin miners believe global hash rate to grow ‘aggressively’
Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months. While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with …
Technology / Jan. 30, 2022
Australian firm raises $28M to expand Bitcoin mining capabilities
The turbulent climate of the crypto industry is not putting a full stop to builders in the space. Arkon Energy, an Australian renewable data center infrastructure company, recently raised millions to expand its Bitcoin (BTC) mining operations and acquired another European-based data center. The funding round was completed with $28 million raised by the data center infrastructure company, which uses 100% renewable electricity to mine BTC. Arkon extracts renewable power trapped in electricity markets to sustainably lowers its costs. Arkon CEO Josh Payne said this type of market creates the perfect storm for growth due to many factors: “The current …
Bitcoin / Nov. 17, 2022