Iris Energy, a Sydney-based bitcoin mining company, has filed with the US Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering (IPO).
The filing was heavily redacted and the amount specified is likely a placeholder figure to calculate the filing fee. The company, which is primarily powered by renewable energy, said it intends to list its ordinary shares on Nasdaq under the ticker symbol “IREN”.
Iris Energy builds, owns, and operates data centre and electrical infrastructure for the mining of bitcoin. It targets entering into regions where there are low-cost, abundant, and attractive renewable energy sources, according to its prospectus.
Its mining operations generate revenue by earning bitcoin through a combination of block rewards and transaction fees from the operation of its specialised computer called Application-specific Integrated Circuits and exchanging these bitcoins for currencies.
In January 2020, Iris acquired its first site in British Columbia, Canada, which is connected to the British Columbia Hydro and Power Authority electricity transmission network on which the electricity was 98% sourced from clean or renewable sources.
It has also entered into binding hardware purchase contracts with Bitmain Technologies Limited, a producer of Bitcoin mining hardware, to acquire the latest-generation miners, Antminer S19j and Antminer S19j Pro.
The Sydney, Australia-based company was founded in 2018 and booked $17 million in revenue for the 12 months ended September 30, 2021. Its cash and cash equivalents were $85.7 million and total revenue was $10.4 million.
In July, Bloomberg reported that the company was looking to raise $200 million in a new funding round before it seeks a direct listing on the Nasdaq.
Bitcoin is a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the bitcoin software.
The bitcoin network allows people to exchange digital tokens, called Bitcoin, which are recorded on a publicly distributed digital transaction ledger forming the bitcoin blockchain, which contains the record of every Bitcoin transaction since the inception of Bitcoin.