Bitcoin Miner Iris Energy Upsizes Its IPO, Valuing Company at $1.5B

Iris Energy, a Sydney-based company that mines bitcoin primarily with renewable energy, raised its initial public offering (IPO) pricing to $28 per share from the previous expected range of $25 to $27.

The miner said it plans to sell 8.3 million shares, raising about $232 million through its IPO offering, according to a statement. It expects to start trading on the Nasdaq on Nov. 19 under the ticker symbol IREN.
The company will have about 55 million shares outstanding, valuing the company at around $1.5 billion, according to its U.S. Securities and Exchange Commission filing.
Iris will use the proceeds from the offering to fund its growth initiatives, including hardware purchases and acquisition and development of data center sites and facilities, as well as for working capital and general corporate purposes.
The company said it has been mining bitcoin since 2019 and has sold all the bitcoin it mined, bucking the trend of most miners holding onto their coins.

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