Australian bitcoin miner Iris Energy files for $100m US IPO

Photographer: Chris Ratcliffe/Bloomberg

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.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.