Bitcoin Miner Iris Energy Upsizes Its IPO, Valuing Company at $1.5B

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Iris Energy, a Sydney-based firm that mines bitcoin primarily with renewable power, raised its preliminary public providing (IPO) pricing to $28 per share, from the earlier anticipated vary of $25 to $27.

  • The miner stated it plans to promote 8.3 million shares, elevating about $232 million by means of its IPO providing, according to a statement. It expects to begin buying and selling on the Nasdaq on Nov. 19 below the ticker image IREN.
  • The firm can have about 55 million shares excellent, valuing the corporate at round $1.5 billion, according to its U.S Securities and Exchange Commission filing.
  • Iris will use the proceeds from the providing to fund its development initiatives, together with {hardware} purchases and acquisition and improvement of information heart websites and amenities, in addition to for working capital and basic company functions.
  • The firm stated it has been mining bitcoin since 2019 and has offered all of the bitcoin it mined, bucking the development of most miners holding onto their cash.