Australian bitcoin miner Iris Energy plans to sell about 8.3 million shares at $25 to $27 each from its initial public offering, according to a filing with the SEC.
- The Sydney-based miner will list its shares on Nasdaq under the ticker “IREN.”
- JPMorgan, Canaccord Genuity, Citigroup, Macquarie Capital, Cantor Fitzgerald, CLSA and Cowen are joint bookrunners for the deal.
- The miner will use the net proceeds to fund its growth initiatives, including bitcoin mining hardware purchases and acquisition and development of data center sites and facilities
- Iris targets up to approximately 1GW of aggregate power capacity for planned hashrate capacity of 15.2 EH/s, implying it will have about 10% of the total Bitcoin network’s hashrate (total hashrate is about 146 EH/s as of Nov. 8, according to data from Glassnode).
- The bitcoin miner said that it has been mining bitcoin since 2019 but has liquidated all the mined coins and didn’t have any bitcoin in its balance sheet as of Sept. 30.
- The company had total revenue of $10.4 million for the three months ended Sept. 30, versus $0.8 million in the same period in 2020.
Read more: Australian Bitcoin Miner Iris Energy Files for $100M IPO