Iris Energy, a Bitcoin (BTC) mining company based in Sydney that invests in data centers powered by renewable energy sources, is apparently looking to attract more capital ahead of its projected Nasdaq IPO.
The current funding round aims to raise around $200 million in order to prepare for the US exchange listing. Iris Energy has already spoken with potential investors and intends to apply for a Nasdaq listing before the year is through.
The story resurfaces past discussions about special purpose acquisition companies (SPACs), which might permit a $300–$500 million U.S. IPO for the green energy BTC miner. Iris Energy, on the other hand, now prefers a private placement or raising cash by selling equity shares over a SPAC deal because the latter would have diluted the interests of existing investors.
Long before green mining in Bitcoin became a major topic, Iris Energy had its initial public offering (IPO). During its first pre-IPO investment round in December 2020, the company raised $19.5 million in equity and $3.9 million in debt.
Iris increased its second pre-IPO objective to 40 million Australian dollars ($31 million) from the initial 20 million Australian dollars set in mid-February thanks to a 13 million Australian dollar ($10 million) commitment from equity manager Platinum Asset Management.
Iris Energy was preparing to file for an IPO with the Australian Securities Exchange. Iris Energy would be able to expand its capacity by investing in 500-megawatt data centers across the United States, Canada, and numerous Asian countries with new financing.