Iris Energy raised $413 million to fund bitcoin mining expansion

Iris Energy, an Australia-headquartered bitcoin mining firm, has recently raised about $413.4 million ̌̌through stock offerings to fund expansion after bitcoin’s halving event.

The Nasdaq-listed firm raised the funds between May 15 and June 28 from the sale of 39.8 million shares, according to a Monday statement , first reported by TheMinerMag. The business update showed that the company’s 2024 expansion plan is fully funded with $425.3 million in cash reserves — including at-the-market proceeds to be received in July — and no debt.

Iris Energy intends to scale up its operations to reach 30 EH/s in hash rate capacity and 510 MW in data center capacities, according to the release. The additional cash buffer would be used for procurement for expansion extending to 2025, future agreements for additional power capacity, and potential power monetization activities.

Many Bitcoin mining firms have been making attempts to expand revenues and mining capacities since April’s bitcoin halving , which reduced miner rewards by 50%. 

In the first quarter of this year, Iris Energy booked $53.4 million in bitcoin mining revenue, compared to $42 million in the fourth quarter of 2023, according to its latest quarterly report . The firm’s net profit after income tax expanded to $8.6 million in the first quarter of this year, compared to a loss of $5.2 million in the previous quarter, the report showed.

Shares of Iris Energy closed up 11.78% on Monday and have risen 85% so far this year, according to Google Finance.