Australian crypto firm Iris Energy files for direct listing on Nasdaq

Synopsis

Bloomberg had reported in July that the company was in talks to raise about $200 million ahead of its proposed Nasdaq listing.

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Australian bitcoin miner Iris Energy said on Wednesday it has applied for a direct listing on the Nasdaq, at a time digital currencies have gained popularity as investment assets and following an increase in their use for making payments.

The company confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for a direct listing on the tech-heavy index, it said in a press release, adding that it expects the listing to be effective in the last quarter of calendar 2021.

Iris has been raising funds, garnering up to $130 million earlier in the year, to develop and expand its operations in British Columbia, Canada where it mines bitcoin using green hydroelectric power from a local electricity generator.

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Bloomberg had reported in July that the company was in talks to raise about $200 million ahead of its proposed Nasdaq listing.

The Sydney-based firm had said earlier it expected to expand its 9 megawatt (MW) capacity data centre in Canada to 30 MW by the fourth quarter this year, and was looking to raise more funds to add additional computing capacity in 2022.

Source

Updated: 08/18/2021 — 04:00