Australia-headquartered Iris Vitality has develop into the most recent vitality company-turned Bitcoin mining agency looking for to listing within the U.S by way of an preliminary public providing (IPO).
The agency filed an F-1 kind to the Securities and Change Fee on Monday with a placeholder purpose of elevating $100 million and plans to listing on the Nasdaq inventory alternate underneath the ticker IREN.
The IPO prospectus comes two months after the agency initially submitted a confidential submitting for a direct itemizing in August nevertheless it seems to have revised the plan since then.
Earlier this month, Pennsylvania-based Stronghold Digital — equally an vitality company-turned Bitcoin mining agency — raised $127 million in an IPO with the ultimate pricing exceeding the preliminary goal vary.
Iris Vitality mentioned it had an working hash charge of about 0.7 exahashes per second as of October 1, accounting for about 0.4% of Bitcoin’s complete community hash charge. That is powered up by the 30-megawatts facility it acquired in British Columbia in early 2020.
No bitcoin holdings
However completely different from different publicly listed Bitcoin mining companies in North America, Iris Vitality doesn’t hoard its bitcoin, as an alternative liquidating its newly mined cash each day.
“Now we have been mining Bitcoin since 2019. We liquidate all of the Bitcoin we now have mined and due to this fact would not have any Bitcoin held on our stability sheet as of September 30, 2021,” the agency mentioned within the prospectus.
Iris Vitality mentioned it plans to make use of the web proceeds from the IPO to extend its working capital and broaden its {hardware} and mining amenities.
Other than its first web site in Canada, it’s pursuing further amenities in British Columbia, Texas and Asia in its bid to have sufficient capability to host the mining {hardware} it has already ordered.
“As of September 30, 2021, we now have entered into binding {hardware} buy contracts with Bitmain … to accumulate the latest-generation miners, Antminer S19j and Antminer S19j Professional, with an combination nameplate hashrate capability of 14.5 EH/s and deliveries commencing in October 2021 and ending in September 2023, which is anticipated to extend our working and contracted nameplate hashrate capability to fifteen.2 EH/s,” the agency added.
Meaning the agency must have an working energy capability of about 530 megawatts by September 2023 for its total deliberate mining fleet.
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