Green Bitcoin Miner Planning to Raise $200 Million Ahead of Nasdaq Direct Listing This Year

Iris Energy Pty has also signed new mining equipment-related contracts that would push its mining capacity from the current 0.7 exahash, which is on track to rise to 4.5 exahash by 2022-end, to 15.2 exahashes per second in a few years.

Bitcoin miner Iris Energy Pty, which uses renewable energy to mine the cryptocurrency, is planning to raise about $200 million in a new fundraising round before seeking a direct listing on the Nasdaq.

A few months back in March, Iris Energy raised A$20 million ($15 million), citing strong investor demand, which was enlarged again to raise $110 million ultimately.

The Sydney-based company is currently working with an adviser on the round and has met with prospective investors, reported Bloomberg citing people familiar with the matter. The proceeds will help them with the listing as soon as this year.

Back in May, co-founder and executive director Daniel Roberts said that the company was exploring Special Purpose Acquisition Companies (SPAC). But now, it is opting for a private placement as a SPAC deal would dilute the stakes of existing investors. In a direct listing, no new shares are offered.

The company has also signed new contracts regarding mining equipment that will allow it to reach a capacity of 15.2 exahash operations per second within some years. It's on track to reach 4.5 exahash by the end of 2022, up from the current capacity of 0.7 exahash.

Iris Energy’s flagship project is a 50-megawatt data center in British Columbia, Canada, where most electricity comes from hydroelectric power.

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