Bitcoin Miner Iris Energy Raises $213 Million in Q1 ATM Offering
Bitcoin mining firm Iris Energy has raised $261 million through its latest at-the-market (ATM) stock offering so far, of which about $120 million worth of shares were sold over the past month.
The company noted in a filing on Thursday that it has revised the maximum offering of its September ATM program from $200 million to $500 million, of which $261 million has been sold as of March 15.
According to Iris Energy’s earnings report for Q4, it raised $24 million from the September ATM offering during the period and raised another $92 million between the New Year and Feb. 15. The firm appears to have secured an additional $120 million in equity funding since then.
Iris Energy had cash liquidity of $90 million as of Dec. 31 and a contract commitment of about $50 million for mining equipment. It announced an additional purchase for 1 EH/s of Bitmain’s T21 miners in January for $13.3 million with an option to buy an extra 9.1 EH/s for $127 million. It remains to be seen if the company will fully exercise the option to significantly scale up its mining fleet.
As previously reported, Marathon, Riot, and CleanSpark (NASDAQ: CLSK) have already raised over $740 million since the New Year through equity offerings. New filings over the past weeks show that Bit Digital (NASDAQ: BTBT) and Terawulf (NASDAQ: WULF) also raised $33.5 million and $50 million in Q1, respectively. Together with Iris Energy, the six mining firms have raised over $1 billion during the quarter.
