Bitcoin miner Iris Energy Proprietary Limited is hoping to seek a direct listing on the Nasdaq, but before that, it was planning to raise $200 million in a new fundraising round. As per reports, the Sydney-based mining company has been working round the clock with an adviser and met with prospective investors.
The investment received by the firm will help it getting listed on Nasdaq- the U.S. technology-focused exchange, later this year. Iris Energy has managed to get investment despite the ongoing furor over the environmental impact of mining. This could be mainly because the firm uses renewable energy to produce cryptocurrency.
Recently, Tesla CEO, Elon Musk went after Bitcoin as he pointed out the negative impact of mining. Shortly after, China began cracking down on mining farms, forcing many to relocate. Around the same time, Iris Energy Executive Director and Co-Founder Daniel Roberts confirmed that the company was exploring options for special purpose acquisition companies. In May, a Bloomberg report noted that the company was approached by several blank-check companies about a potential U.S. listing and was looking to raise $300 million to $500 million.
As per the recent update, Iris Energy is choosing a private placement rather than a SPAC deal as it would dilute the existing investors’ stakes more than a direct listing, wherein new shares are not offered. However, discussions were still ongoing and the mining firm could decide not to proceed with fundraising and direct listing plan.
