Iris Energy Bitcoin Mining Firm Files for Direct Listing on US Nasdaq

Iris Energy Bitcoin mining company, headquartered in Australia, has filed with the US Securities and Exchange Commission (SEC) for a direct listing on the Nasdaq stock exchange for this year.

The Sydney-based firm launched by former Macquarie bankers brothers Will and Daniel Roberts expects the debut to happen in the fourth quarter of 2021, the filing with the SEC states.

However, such timing is the only provision as the planned listing is subject to regulatory reviews, including market and other conditions.

Iris’s latest plan comes amid recent reports revealing that the mining company had considered going public via a SPAC deal. In May, the firm weighed options for special purpose acquisition companies and approached many blank-check companies for the deal. The firm also raised $50 million to finance the expansion of its mining equipment.  

However, Iris shifted away from such plans and raised adequate funds before submitting a draft proposal for a direct listing on Nasdaq. Last month, the firm raised $200 million in a private funding round to prepare for a potential US listing.

Iris’s business model involves setting up its computer firepower in energy markets with a surplus of renewable energy.

Iris uses renewable energy to conduct its Bitcoin mining operations. The crypto firm has a mining facility in British Columbia, Canada, with 9 megawatts (MW) operational mining capacity. In its latest ongoing plan, Iris wants to scale its operational mining capacity to 30 megawatts (MW) this year.

Looking for Listing on US Exchanges

If the plan goes well, then Iris will be listed on the US public stock market.  

Meanwhile, Iris has joined the list of crypto mining companies seeking to go public in the US. Several Bitcoin mining firms seek to go public overseas, and the US stock exchanges appear to be warming to these miners.

Quite a several crypto-related firms are planning to sell shares, thus giving investors a new way to bet on digital currencies. Some have already raised billions of dollars to facilitate such plans.

In June, three major Canadian crypto mining companies were approved for listing their shares on the Nasdaq.

Such new listings from international exchanges come about a year after major Chinese crypto firms were approved for listing in Nasdaq, including China’s Ebang crypto miner, which started trading on the Nasdaq in June 2020.

Canada’s crypto miner Bitfarms Limited started trading on Nasdaq on June 21^st 2021. During the same month, another Canadian cryptocurrency mining firm, HIVE Blockchain Technologies, obtained approval from Nasdaq to list its shares on the popular exchange.

Canada’s crypto miner Hut 8 Mining also received approvals to list on the Nasdaq in June this year.