Iris Energy Raised $413M After Bitcoin Halving

Australia-headquartered Iris Energy has raised $413.4 million through stock offerings since mid-May to fully fund its 2024 expansion plan following bitcoin’s halving event.

In a release on Monday, Iris Energy said it had raised $413.4 million in gross proceeds from the sale of 39.8 million shares through its at-the-market (ATM) offering program between May 15 and June 28.

According to Iris Energy’s Q1 report, the company raised $257 million in Q1 via equity financing and an additional $44.8 million between March 31 and May 15. In total, the firm raised approximately $714 million during the first half of this year.

Following the latest ATM offering, Iris Energy claimed that its 2024 growth plan, which includes reaching a hashrate of 30 EH/s and 510MW in data center capacities, is now fully funded.

As of June 28, Iris Energy reported cash holdings of $425.3 million, including cash, cash equivalents, and the ATM proceeds expected to be received in the first week of July. The remaining equity financing capacity under the ATM program stands at $223.2 million.

As a result of these offerings, Iris Energy’s total number of ordinary shares outstanding increased by 20%, from 146 million as of May 12 to 186 million as of June 28.

As previously reported, public bitcoin mining companies have been in an equity financing frenzy since Q4, tapping into bitcoin’s rally to fund mining hardware and infrastructure expansion plans.

Public bitcoin mining companies have been actively raising through equity financing since Q4, leveraging bitcoin’s rally to fund mining hardware and infrastructure expansion plans.