Energy Company turned BTC Mining Company Iris files for IPO

Australia-headquartered Iris Energy has become the latest energy company-turned Bitcoin mining firm to file for an IPO in the US. The firm filed an F-1 form to the Securities and Exchange Commission on Monday with a placeholder goal of raising $100 million and plans to list on the Nasdaq stock exchange under the ticker ‘IREN’.

What differentiates Iris?  Unlike other publicly listed Bitcoin mining firms in North America, Iris does not hoard the mined bitcoins but liquidates them daily.

Apart from its first site in Canada, it’s looking to muscle up in British Columbia, Texas and Asia in its bid to have the capacity to host mining hardware it has already ordered. It plans to have an operating power capacity of about 530 megawatts by September 2023 for its entire planned mining fleet.

"As of September 30, 2021, we have entered into binding hardware purchase contracts with Bitmain ... to acquire the latest-generation miners, Antminer S19j and Antminer S19j Pro, with an aggregate nameplate hashrate capacity of 14.5 EH/s and deliveries commencing in October 2021 and ending in September 2023, which is expected to increase our operating and contracted nameplate hashrate capacity to 15.2 EH/s," the firm added.