Energy-turned Bitcoin mining firm Iris upsizes IPO raise to $231 million

Quick Take

  • Iris Energy has upsized its U.S. IPO to $231 million after raising $115 million in a debt issuance last month.
  • Much of its capital raised may eventually go to Bitmain as it estimates $533 million in remaining commitments for Bitcoin miner pre-orders.

Australia-headquartered Bitcoin mining firm Iris Energy has upsized its initial public offering (IPO) on Nasdaq to $231 million.

The energy-turned Bitcoin mining company said in a statement on Wednesday that the final price for the offering of its 8.26 million ordinary shares has been set at $28 per share. That has exceeded the previously announced price range of between $25 to $27 per share and would value Iris Energy at about $1.5 billion.

The stock trading is expected to begin on Wednesday under the ticker IREN, the firm said.

Iris Energy's listing comes less than a month after Pennsylvania-based energy firm Stronghold Digital raised $127 million in a U.S. IPO. 

Last month, Iris Energy also issued convertibles notes for a total of $115.5 million that bear an annual interest of 12% and mature in October next year, according to its latest IPO prospectus.

It appears that much of the capital Iris Energy has raised through debt and IPO so far will go to the pockets of Bitcoin mining hardware manufacturer Bitmain.

Dropping $533 million on bitcoin miners

To expand its self-mining capacity, which is currently at 0.7 exahashes per second (EH/s) powered by its 30-megawatts facility in British Columbia, Iris Energy has signed large pre-orders for the future stocks of Bitmain's AntMiners S19 series.

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The firm has