Iris Energy applies for direct listing on Nasdaq
Australian mining company Iris Energy has applied to the SEC for a direct listing on the Nasdaq stock exchange.
The company expects to go public in the fourth quarter of 2021.
In May, Iris Energy pulled back from going public in a deal with SPAC, which it had intended to raise $300-500 million. Instead, management has focused on raising $200 million in venture capital, having raised a quarter of the announced amount so far.
Iris Energy is focused on bitcoin mining using green energy. The company operates a 50MW data centre in Canada - powered by renewable sources, including hydroelectric power.
By 2022, the company intends to increase the aggregate hash rate of its sites to 4.5 EH/s.
As a reminder, blockchain hosting provider Core Scientific will go public in the fourth quarter via a reverse merger with SPAC, valued at $4.3bn.
At the end of July, Stronghold Digital Mining, a mining company with a focus on green energy, announced an IPO on Nasdaq.