Bitcoin miner Iris Energy (IREN) signed a deal to sell up to $100 million in equity to investment bank B. Riley over the next two years, marking the bank's second big investment in the industry that is facing serious market headwinds.

Publicly traded bitcoin miners have seen their stock prices tumble this year as the price of bitcoin has slumped by as much as 60% and energy costs soar. In July, B. Riley signed a similar deal in nature and size with Core Scientific (CORZ), the largest bitcoin miner in the world by actual hashrate, or computing power.

Iris has the right, but not the obligation to sell B. Riley the stock, according to the filings. The miner may sell B. Riley up to 25 million of IREN ordinary shares in the 24 months starting Friday, according to a filing with the U.S. Securities and Exchanges Commission. If the miner sells all the shares to the bank, for about $100 million, B. Riley would have an up to 31% stake in the miner, the filing said.

As part of the deal, Iris may elect, in its sole discretion, to issue and sell up to 24.8 million shares to B. Riley Principal Capital II and about 198,174 ordinary shares as consideration for the bank’s commitment to the deal.

Iris intends to use any proceeds from the deal to fund company's growth, including hardware purchases, acquisition, development of data center facilities, as well as for working capital and general corporate purposes.

Shares of Iris fell nearly 10% on Friday's trading.

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CORRECTION (Sept. 25, 2022 16:05 UTC): Clarifies Iris Energy rights and obligations under the agreement.