Aussie Bitcoin miner to reportedly raise $200M ahead of Nasdaq listing

Iris Power, a Sydney-based Bitcoin (BTC) mining agency that invests in knowledge facilities powered by renewable power sources, reportedly plans to lift new funds forward of the anticipated Nasdaq itemizing.

Bloomberg reported that the brand new fundraising spherical is trying to elevate roughly $200 million to arrange for the US change itemizing. Iris Power has already met with potential traders and plans to go for the Nasdaq itemizing earlier than the tip of the yr.

The report calls up earlier talks on particular objective acquisition firms (SPACs), which might allow a possible U.S. itemizing aimed toward $300–$500 million for the inexperienced power BTC miner. Nevertheless, Iris Power now prefers a non-public placement or elevating funds by providing fairness shares as an alternative of a SPAC deal, for the reason that latter would have diluted the present traders’ stakes.

Iris Power began its preliminary public providing (IPO) journey lengthy earlier than inexperienced mining in Bitcoin grew to become a scorching debate. The corporate secured $19.5 million in fairness funding and $3.9 million in debt throughout its first pre-IPO funding spherical in December 2020.

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A 13 million Australian greenback ($10 million) dedication from fairness supervisor outfit Platinum Asset Administration allowed Iris to extend its second pre-IPO goal to 40 million Australian {dollars} ($31 million) from the preliminary 20 million Australian {dollars} set earlier in mid-February.

On the time, Cointelegraph reported that Iris Power is getting set to use to the Australian Securities Alternate for an IPO. New funds would allow Iris Power to upscale its capability by investing in 500 megawatts knowledge facilities throughout the US, Canada and several other nations within the Asia-Pacific area.