Iris Energy, a bitcoin miner primarily powered by renewable energy, raised $232 million by offering 8.3 million shares at $28, above the range of $25 to $27.
Iris Energy is a Bitcoin mining company that builds, owns, and operates data center and electrical infrastructure for the mining of Bitcoin primarily powered by renewable energy. The company targets entry into regions where there are low-cost, abundant, and attractive renewable energy sources. 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. The site has approximately 30 MW of capacity and operating hashrate capacity of approximately 0.7 EH/s, as of October 1, 2021. Its mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of its ASICs, and exchanging these Bitcoin for currencies such as USD or CAD on a daily basis.
Iris Energy plans to list on the Nasdaq under the symbol IREN. J.P. Morgan, Canaccord Genuity, Citi, Macquarie Capital, CITIC CLSA, Cowen, and Cantor Fitzgerald acted as joint bookrunners on the deal.
