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Iris Energy (IREN) reveals more details about its $215m IPO

By Kevin Donovan

14:02, 11 November 2021

Iris Energy data centre
Iris Energy set a $25-$27 per-share range for its IPO - Photo: Iris Energy

Australian bitcoin miner Iris Energy announced price guidance for its planned initial offering of 8,269,231 million shares to the public in a US Securities and Exchange Commission filing.

The company announced a $25-$27 per-share range to raise roughly $215m. At the midpoint of the range, Iris Energy would have a $1.5bn (£1.11bn) valuation.

Iris Energy plans to use the proceeds from the offering to purchase additional bitcoin mining equipment, as well as fund its recent mining-operation expansion into British Columbia, Canada, where it is actively acquiring and building new bitcoin mining operations.

IPO details

JPMorgan, Canaccord Genuity and Citigroup are acting as joint lead bookrunners with Macquarie Capital, CLSA, Cowen and Cantor Fitzgerald also acting as bookrunners. Compass Point is acting as co-manager. Cryptocurrency asset manager Galaxy Digital Partners is acting as the digital asset adviser.

The underwriters are allocated the option to purchase an additional 1,240,384 million shares within 30 days of settlement at the IPO price. The settlement date is yet to be determined.

Iris Energy applied for listing over the Nasdaq exchange under the ticker IREN.

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Beginning operations in 2019, Iris Energy lost $490.6m through the first three quarters of 2021 on $10.4m in revenue, compared with a $400,000 loss on $800,000 in revenue for the comparable period in 2020.

Iris Energy’s revenue and profitability are subject to changes in electricity prices as well as global currency exchange rates in relation to the price of bitcoin, the company noted.

Iris Energy estimates the annual bitcoin mining market at $16bn in 2021.


18,665.60 Price
+0.640% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 1.8


69,666.95 Price
+5.220% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


3,629.45 Price
+17.930% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


2,429.61 Price
+0.480% 1D Chg, %
Long position overnight fee -0.0192%
Short position overnight fee 0.0109%
Overnight fee time 21:00 (UTC)
Spread 0.50

Electricity needs

As a bitcoin mining concern, Iris Energy relies on low-cost electricity.

“We target entry into regions where there are low-cost, abundant and attractive renewable energy sources,” Iris Energy said.

Iris recently acquired a generation site located in British Columbia, Canada. The facility is supplied by the British Columbia Hydro and Power Authority and uses 98% clean or renewable generation sources, the company said. The data site has a 30-megawatt capacity.

Iris is contracted to purchase additional sites in British Columbia, which would increase its capacity up to 530 megawatts.

Tech specs

Iris Energy’s revenue derives from earning block rewards and other transaction fees, as well as exchanging bitcoin for fiat currency.

Iris uses specialised supercomputers called application specific integrated circuits (ASICs) for its mining operations.

The ASICs used in the mining operation are manufactured by Bitmain Technologies, which has contracted to supply Iris Energy with its hardware through September 2023. 

Read more: Australia’s Macquarie and Blockstream to explore green bitcoin mining

Markets in this article

Bitcoin / USD
69666.95 USD
3456.75 +5.220%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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