Bitcoin Miner Iris Energy Says IPO to Be Priced at $25-$27 per Share

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Australian bitcoin miner Iris Energy plans to promote about 8.3 million shares at $25 to $27 every from its preliminary public providing, in accordance to a filing with the SEC.

  • The Sydney-based miner will checklist its shares on Nasdaq beneath 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 web proceeds to fund its development initiatives, together with bitcoin mining {hardware} purchases and acquisition and growth of knowledge heart websites and services
  • Iris targets up to roughly 1GW of mixture energy capability for deliberate hashrate capability of 15.2 EH/s, implying it’s going to have about 10% of the overall Bitcoin community’s hashrate (complete hashrate is about 146 EH/s as of Nov. 8, in accordance to information from Glassnode).
  • The bitcoin miner stated that it has been mining bitcoin since 2019 however has liquidated all of the mined cash and didn’t have any bitcoin in its steadiness sheet as of Sept. 30.
  • The firm had complete income of $10.4 million for the three months ended Sept. 30, versus $0.8 million in the identical interval in 2020.

Read extra: Australian Bitcoin Miner Iris Energy Files for $100M IPO