Iris Energy Seeking $200 Million

According to Bloomberg, bitcoin mining company Iris Energy is planning a $200 million fundraising round before seeking a direct listing on the Nasdaq.

The Australian company has reportedly met with prospective investors and is working with an adviser on the round. The proceeds would reportedly help Iris prepare for the Nasdaq listing, which it plans to realize this year.

In May, the company’s executive director and cofounder Daniel Roberts said that Iris was exploring options for special purpose acquisition companies (SPAC) but has since shifted its intentions. Now, the company is apparently favoring a private placement, which, according to the report, doesn’t offer new shares and thus doesn’t dilute the existing investors’ stakes as much as an SPAC deal would. However, not even the direct listing is certain, as discussions are still ongoing.

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