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

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

AccessTimeIconNov 9, 2021 at 1:20 p.m. UTC
Updated May 11, 2023 at 7:04 p.m. UTC

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Aoyon Ashraf

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

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.