Iris Energy, an Australia-headquartered bitcoin mining company, has raised a significant $413.4 million through stock offerings since mid-May to fully fund its 2024 expansion plan. The company’s latest at-the-market (ATM) offering program, which ran from May 15 to June 28, saw the sale of 39.8 million shares, resulting in gross proceeds of $413.4 million.
This latest funding round brings Iris Energy’s total equity financing for the first half of the year to approximately $714 million. The company had previously raised $257 million in Q1 and an additional $44.8 million between March 31 and May 15.
The funds raised will be used to support Iris Energy’s 2024 growth plan, which includes reaching a hashrate of 30 EH/s and 510MW in data center capacities. The company has now fully funded its expansion plan, with cash holdings of $425.3 million as of June 28, including cash, cash equivalents, and ATM proceeds expected to be received in the first week of July.
As a result of the offerings, Iris Energy’s total number of ordinary shares outstanding has increased by 20%, from 146 million as of May 12 to 186 million as of June 28.
Iris Energy’s latest funding round is part of a broader trend of public bitcoin mining companies raising equity financing to fund their expansion plans. Since Q4, public bitcoin mining companies have been actively raising capital through equity financing, leveraging bitcoin’s rally to fund mining hardware and infrastructure expansion plans.
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