Another Bitcoin mining firm files for IPO in the US but it holds no BTC

Quick Take

  • Iris Energy has filed an F-1 form to the SEC, seeking to list in the U.S. via an IPO.
  • The firm hopes to raise $100 million.

Australia-headquartered Iris Energy has become the latest energy company-turned Bitcoin mining firm seeking to list in the U.S via an initial public offering (IPO).

The firm filed an F-1 form to the Securities and Exchange Commission on Monday with a placeholder goal of raising $100 million and plans to list on the Nasdaq stock exchange under the ticker IREN.

The IPO prospectus comes two months after the firm initially submitted a confidential filing for a direct listing in August but it appears to have revised the plan since then.

Earlier this month, Pennsylvania-based Stronghold Digital — similarly an energy company-turned Bitcoin mining firm — raised $127 million in an IPO with the final pricing exceeding the initial target range. 

Iris Energy said it had an operating hash rate of about 0.7 exahashes per second as of October 1, accounting for about 0.4% of Bitcoin's total network hash rate. This is powered up by the 30-megawatts facility it acquired in British Columbia in early 2020.

No bitcoin holdings

But different from other publicly listed Bitcoin mining firms in North America, Iris Energy does not hoard its bitcoin, instead liquidating its newly mined coins on a daily basis. 

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