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

The Australian company plans to raise up to $223 million.

By Aoyon Ashraf

Nov 9, 2021 at 1:20 p.m. UTC

Updated Nov 9, 2021 at 3:18 p.m. UTC

Crypto mining machines (Bloomberg via Getty Images) — Mining machines (Bloomberg via Getty Images)

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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Australian bitcoin miner Iris Energy plans to sell about 8.3 million shares at $25 to $27 each in its initial public offering, according to a filing Tuesday with the U.S Securities and Exchange Commission.

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 buy bitcoin mining hardware equipment and acquire and develop data centers, among other growth initiatives.
Iris has a target of having 1 gigawatt of power for a planned hashrate capacity of 15.2 exahashes per second, implying it will have about 10% of the total Bitcoin network’s hashrate. The network’s total hashrate was about 146 EH/s as of Monday, according to data from Glassnode. Hashrate measures a crypto miner’s computational power.
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 $10.4 million in revenue for the three months ended Sept. 30, compared with $800,000 in the same period in 2020.

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